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Biden's EV Plans Push Plug Power, Peers, Higher

Published 05/18/2021, 12:38 PM
Updated 05/18/2021, 12:38 PM
© Reuters.

By Christiana Sciaudone

Investing.com -- President Joe Biden will make a case for his $174 billion electric vehicle plant today, driving shares of Plug Power (NASDAQ:PLUG) up 9%, Workhorse up 8% and FuelCell up 7%.

Not included? Consumer incentives for high-priced electric luxury models (here's looking at you, Tesla (NASDAQ:TSLA)). 

The president will call for government grants for new battery production facilities when he visits a Ford Motor (NYSE:F) electric vehicle plant in Michigan, Reuters reported. The plan includes $100 billion in consumer rebates for electric vehicles, which are putting gasoline slowly out of style.

Plug Power, Workhorse Group Inc (NASDAQ:WKHS) and FuelCell Energy Inc (NASDAQ:FCEL)have had a volatile year, each hitting highs at the start of the year as all things electric and alternative to gasoline- and diesel-powered vehicles tried to follow in Tesla's footsteps, only to not quite get there.
  

 

 

Latest comments

Investment in US semiconductor fabs should be near the top of the list. Once China takes Taiwan and South Korea falls further under China's influence, all of these new cars and other advancements will be heavily dependent on China.
Thank you CEO’s and Government leaders for outsourcing most of our factory (95% solar) jobs and production tooling/equipment to Asia over the last 25 years. Now we can buy most everything on AliExpress and Alibaba, and bypass you middlemen. You can lie and say it was to compete with Asian sourced goods, but we all know it was to line your own pockets/stock portfolios/multi million dollar annual benefits packages/private jets/side chics. The average American worker has never seen a decrease in cost of goods or more than a minor increase in pay.
hello to capitalism ..
Silly to be pushing an industry.
at what time biden will announce ??
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