Why Lucid, ChargePoint, and Volta Stocks Soared Monday
It wasn't totally unexpected for the bipartisan infrastructure bill to pass the final vote in the House of Representatives. But you never know with politics, and when the votes were finally tallied Friday night, it became official. Stocks that should benefit soared today. Three big winners are Lucid Group (NASDAQ: LCID), ChargePoint Holdings (NYSE: CHPT), and Volta (NYSE: VLTA). Each of these electric vehicle (EV) stocks popped at least 12% early Monday morning. Though paring some of those gains, as of 11 a.m. EST, they were still higher as follows:
It's not hard to see why investors are jumping into EV-related names today. The infrastructure bill contains $7.5 billion for building out EV charging infrastructure, as well as another $5 billion dedicated to replacing buses, including school buses, with zero-emission vehicles. There's also potential for President Biden's Build Back Better social spending bill to add to support for renewable energy and electric vehicle demand. And Lucid, ChargePoint, and Volta are already making progress growing their businesses even before any new help from federal spending.
Image source: Getty Images.
Source Fool.com
