Wall Street Breakfast Podcast: States Win First Round In EV Charger Lawsuit

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Federal judge blocks Trump admin from withholding EV charging funds. (00:25) Tesla (TSLA) market share shrinks in EU, registrations drop 40% Y/Y in May. (01:27) Cathie Wood’s Ark Invest makes major moves in Shopify (SHOP), Toast (TOST), and Airbnb (ABNB). (02:29)

This is an abridged transcript.

A U.S. district judge has halted the Trump administration’s attempt to withhold previously awarded funds from 14 states for electric vehicle charger infrastructure.

Judge Tana Lin issued a partial injunction in favor of the states that filed the lawsuit against the Department of Transportation.

The judge ruled that the lawsuit—led by the attorneys general of California, Colorado, and Washington—is likely to succeed.

Lin, a Biden appointee, wrote in her order, “Simply put, the president does not have unilateral authority to refuse to spend the funds.”

However, her decision did not extend to the District of Columbia, Minnesota, and Vermont, as they failed to show evidence of imminent harm. The injunction is set to take effect on July 1, unless the Trump administration successfully appeals to block it.

The dispute stems from a February directive by the Trump administration ordering states not to spend $5 billion allocated under the Biden-era National Electric Vehicle Infrastructure (NEVI) program.

Tesla’s (NASDAQ:TSLA) sales in the European Union saw another fall in May; registrations dropped 40.5% to 8,729 units vs. last year.

Tesla’s European market share for new car registrations dropped to 0.9% in May from 1.6% a year ago, according to data from the European Automobile Manufacturers Association (ACEA). So far in 2025, its market share shrank to 1.1% from 2% last year.

Tesla’s European sales have now fallen for five straight months as customers prefer cheaper Chinese EVs. The refreshed Model Y was expected to help reverse Tesla’s (NASDAQ:TSLA) fortunes in the EU market; however, it did little good to push sales.

Overall in Europe, Tesla (TSLA) sales in the first five months of 2025 fell 45.2% from the same period last year.

Broadly, the passenger car registrations in the EU increased by 1.6% Y/Y to 926,582 units in May 2025, the ACEA data showed.

Cathie Wood’s ARK ETFs (BATS:ARKW) (BATS:ARKK) disclosed their daily trades for Tuesday, June 24, highlighting notable activity in the technology sector.

The day’s most significant moves included sizable purchases of Shopify (NASDAQ:SHOP) and Toast (NYSE:TOST), with Shopify topping the list of acquisitions.

The ARKK ETF bought a combined total of 33,829 shares of Shopify (NASDAQ:SHOP) across three of its funds—ARKK, ARKW, and ARKF—amounting to a substantial $3,720,513 investment.

ARKK ETF also added 70,000 shares of Toast (TOST) to its portfolio, and 19,622 shares of Airbnb (ABNB), valued at $2,561,259.

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Catalyst watch:

• Equinix (EQIX) will host an Analyst Day event. The company’s leadership team will present and participate in Q&A.

• Acadia Pharmaceuticals (ACAD) will host an R&D day in New York City to discuss its neurological and rare diseases pipeline. The stock has rallied after similar events in the past.

• Nvidia (NVDA) will hold its annual meeting of shareholders. Proposals up for vote include director appointments, and shareholder proposals on the rules for special meetings and workforce data reporting.

Dow, S&P and Nasdaq futures are in the green. Crude oil is up 1.3% at $65/barrel. Bitcoin is up 0.7% at $106,000. Gold is flat at $3,326.

The FTSE 100 is up 0.1% and the DAX is flat.

The biggest movers for the day premarket: Torrid Holdings (NYSE:CURV) -29.22% – Shares slipped after announced pricing of public offering of 10 million shares of common stock at $3.50 per share, sold by certain stockholders and concurrent share repurchase.

On today’s economic calendar:

• 10:00 am New Home Sales

• 10:00 am Federal Reserve Chairman Jerome Powell will deliver semi-annual monetary policy report testimony before the Senate Banking, Housing, and Urban Affairs Committee.