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. The bill includes a substantial spending plan to strengthen the U.S. electric vehicle charging network and upgrade the nation’s electrical grid. Popular stocks related to EVcharging, Volta, and Blink Charging have seen their prices soar. 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. A Verified Market Research report estimates that the market for EV charging stations worldwide will reach $32.34 Billion by 2028. This is a 33.6% increase in CAGR.

Driven by investors’ optimism, popular EV charging-related stocks, EVgo, Inc. (EVGO), Volta Inc. (VLTA), and Blink Charging Co. (NASDAQ:) have rallied in price since the passage of the infrastructure bill.

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