The long-awaited infrastructure bill that was passed by Congress earlier this month includes a substantial spending plan to strengthen the U.S. electric vehicle (EV) charging network and upgrade the nation’s electrical grid. This element of the bill has attracted significant investor attention to the EV charging space and, consequently, popular EV charging-related stocks EVgo (EVGO), Volta (VLTA), and Blink Charging (BLNK) have soared in price. So, let’s discuss these names.The House passed a more than $1 trillion bipartisan infrastructure bill on Friday, November 5. In alignment with President Biden’s push for half of new auto sales in the nation to be electric vehicles (EVs) by 2030 given the current climate crisis, the bill has allotted $7.50 billion for creating a country-wide network of EV charging stations.
The spending bill will contribute to building 500,000 EV charging units and allocates $65 billion for upgrading the nation’s electrical grid. Furthermore, President Biden’s proposed broader Build Back Better plan has more provisions for tax credits for union-built EVs. According to a Verified Market Research report, the global EV charging stations market size is expected to reach $32.34 billion by 2028, growing at a 33.6% CAGR of 33.6%.
Driven by investors’ optimism, popular EV charging-related stocks, EVgo, Inc. (EVGO), Volta Inc. (VLTA), and Blink Charging Co. (NASDAQ:BLNK) have rallied in price since the passage of the infrastructure bill.