What happened

Shares of ChargePoint Holdings (CHPT -3.36%) joined the large list of higher-risk equities that tumbled today. Like the overall market, ChargePoint shares were near the day's lows as of 3:05 p.m. ET. The stock was off by 5.4% at that time, capping off what turned out to be a harsh week for shares of the electric vehicle (EV) charging network company. 

So what

In the week when the U.S. Federal Reserve led a series of interest rate hikes around the globe, investors just don't want to own risky assets. This "risk-off" mentality has shares tumbling for companies still trying to turn their businesses profitable. ChargePoint has been growing revenue quickly and expects to approximately double its annual sales this year versus its prior fiscal year.

But it has yet to make a profit and has risks ranging from its business model to competition. But for those who believe it can turn its hardware into a profitable stream of income and stand out among the competition, ChargePoint's drop this week could be a good opportunity. That's because recent business- and sector-specific news remains positive. 

Now what

Last week, the U.S. Department of Transportation announced it has approved $900 million in spending plans to install EV chargers over about 53,000 miles of U.S. roadways. That money was allocated in the Bipartisan Infrastructure Law signed late last year. A total of $5 billion will help develop and grow the country's charging infrastructure, and ChargePoint should benefit from that. 

Another report just published helps support the need for that growth. The International Energy Agency just released its September 2022 report that said EVs were one of only two components deemed "on track" for global emissions goals out of 55 components. 

The agency estimated that 13% of new passenger cars sold globally in 2022 will be electric. That's good news for ChargePoint with its operations in North America as well as Europe. It also implies there are plenty of coming EV sales ahead that will need charging capacity.