EV-Charging Stocks Soar on Biden Plan to Deploy 500,000 Stations

(Bloomberg) -- ChargePoint Holdings Inc. and other electric vehicle charging companies surged Wednesday after President Joe Biden proposed spending $174 billion on promoting EVs and installing 500,000 charging stations nationwide.

Biden’s plan, while short on many details, could further inflate sector stocks at a time when their lofty valuations have already raised questions among some investors. Most charging companies have yet to turn an annual profit and are counting on massive EV adoption to meet future financial forecasts.

The White House’s proposal promotes every aspect of the electric vehicle industry, from domestic battery production to auto factories and incentives for car buyers. Biden’s call for a nationwide network of 500,000 charging stations would represent a 12-fold increase from the 41,000 stations available to the public today, according to government data.

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ChargePoint jumped as much as 22% to a four-month high, while Beam Global rose as much more than 11% and Blink Charging Co. climbed nearly 10%.

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