Electric vehicle charging stocks surge as Congress clears infrastructure bill with $7.5 billion for EV sector
- Shares of ChargePoint, EVgo, Volta, and other EV charging stocks surged Monday.
- The infrastructure bill promises $7.5 billion to expand a national EV-charging network.
The infrastructure package boosted electric-vehicle charging stocks Monday after Congress over the weekend passed the $1 trillion infrastructure bill, which includes $7.5 billion for the EV sector.
EVgo jumped 17%, Volta climbed over 11%, while ChargePoint and Blink Charging were both up nearly 10%.
The infrastructure bill includes upwards of $550 billion in new funding for transportation, broadband, and utilities, which legislators say will address a broad range of issues.
It also aims to build a national network of electric-vehicle chargers over the next five years. The move is part of the Biden administration's push for more climate-friendly initiatives like reducing carbon emissions and electrification.
EVs, at present, are held back by limitations on driving range, due in part to a lack of charging stations. The inconvenience of charging an electric vehicle has even led some customers to switch back to gas vehicles.
Companies like EVgo, Volta, and others in the EV industry could see a boost in share price as EVs become more pervasive.
Meanwhile, investors are also riding optimism from the United Nation's COP26 climate summit in Glasgow, Scotland, where talks centered on EVs.