Why Blink Charging, EVgo, and Quantumscape Stocks Sizzled Today
Electric vehicle (EV) stocks shot through the roof on Monday after the House of Representatives, on Friday night, approved the Biden administration's $1.2 trillion infrastructure bill. In response to the passage of the bill, investors pumped money into stocks they believe could win big once the U.S. government kicks off spending under the infrastructure bill. Here's how much some of the top-performing EV stocks were faring as of 2:35 p.m. EDT:
The $1.2 trillion infrastructure bill calls for an investment worth $7.5 billion on building an EV charging network of 500,000 chargers across the U.S. The Biden administration believes this spending is crucial to bridge the gap between the U.S. and China, citing how "U.S. market share of plug-in EV sales is only one-third the size of the Chinese EV market."
Not surprisingly, every company that has anything to do with electric vehicles, specifically charging infrastructure, is on fire today.
Source Fool.com
