|Electric vehicle stocks rally after Biden proposes massive investment in EV market|
Mar. 31, 2021 10:10 AM ET Tesla, Inc. (TSLA) By: Clark Schultz, SA News Editor 15 Comments
The electric vehicle sector is rallying ahead of a speech today by President Biden.
Biden's American Jobs Plan covers electric vehicles in detail.
White House Fact Sheet on Biden-EVs: "U.S. market share of plug-in electric vehicle sales is only one-third the size of the Chinese EV market. The President believes that must change. He is proposing a $174 billion investment to win the EV market. His plan will enable automakers to spur domestic supply chains from raw materials to parts, retool factories to compete globally, and support American workers to make batteries and EVs. It will give consumers point of sale rebates and tax incentives to buy American-made EVs, while ensuring that these vehicles are affordable for all families and manufactured by workers with good jobs. It will establish grant and incentive programs for state and local governments and the private sector to build a national network of 500,000 EV chargers by 2030, while promoting strong labor, training, and installation standards."
"His plan also will replace 50,000 diesel transit vehicles and electrify at least 20 percent of our yellow school bus fleet through a new Clean Buses for Kids Program at the Environmental Protection Agency, with support from the Department of Energy. These investments will set us on a path to 100 percent clean buses, while ensuring that the American workforce is trained to operate and maintain this 21st century infrastructure. Finally, it will utilize the vast tools of federal procurement to electrify the federal fleet, including the United States Postal Service."
Select EV stocks of interest: Fisker ( FSR +3.3%), Hyliion Holdings ( HYLN +3.4%), Li Auto ( LI +4.5%), GreenPower Motor ( GP +6.8%), Workhorse Group ( WKHS +3.3%), XPeng ( XPEV +4.0%), Canoo ( GOEV +2.2%), Lordstown Motors ( RIDE +3.5%), XPEL ( XPEL +3.1%), Westport Fuel Systems ( WPRT +5.5%), Niu Technologies ( NIU +3.3%), Nio ( NIO +0.9%), Blink Charging ( BLNK +4.7%), Electrameccanica Vehicles ( SOLO +0.3%), Churchill Capital Corp IV ( CCIV +2.0%) and Ayro ( AYRO +2.8%).
Tesla ( TSLA +3.1%) is also higher off the EV buzz and with the company's Q1 deliveries report due out in the next few days.