Why EVgo, Volta, and Blink Charging Blasted Higher in November
November was a stellar month for electric vehicle (EV) charging stocks, which rallied by double digits across the board. So while EVgo (NASDAQ: EVGO) ended the month up 34.4%, shares of Blink Charging (NASDAQ: BLNK) and Volta (NYSE: VLTA) surged 20.8% and 22.7%, respectively, according to data provided by S&P Global Market Intelligence. Fact is, these stocks were reaching for the skies earlier in the month and could have even ended it by doubling investors' money in just November had they maintained momentum. Here's what happened.
It all started with delivery numbers from some of the leading EV manufacturers. The very first day of November, EV charging stocks shot up by double digits as the pace of adoption of electric vehicles continued to gather steam, especially in the world's largest EV market, China. So while XPeng and Li Auto reported stunning 233% and 107% growth in deliveries for the month of October, respectively, the more popular Nio booked record orders in the month.
A week later, the Biden administration gave investors in renewable energy the perfect reason to snap up stocks as fast as they could -- the House of Representatives finally approved President Joe Biden's $1.2 trillion infrastructure bill after months of negotiations, paving the way for Biden to kick off spending worth $7.5 billion on building a network of 500,000 EV chargers across the U.S.
Source Fool.com
