Why QuantumScape Stock Jumped Today
Many stocks in the electric vehicle (EV) sector had big gains last week, and solid-state battery developer QuantumScape (NYSE: QS) was no exception, with a jump of more than 25%. That momentum continued Monday morning as the stock moved up double digits once again, with an 11% surge in early trading. As of 2:43 p.m. ET, those gains had moderated, but the stock was still up 4.2%.
On a macro level, renewed investor interest and investment in EV stocks came from the passage of a new federal infrastructure bill that has funds directly allocated to boost the development of the sector. That bill has $5 billion intended to help increase the electrification of transit buses and another $7.5 billion to grow charging infrastructure needed to help transition the country from internal combustion to electric-powered vehicles.
QuantumScape laboratory. Image source: QuantumScape.
Source Fool.com
