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QuantumScape Stock Soars 21% Following $7.5bn EV Charging Network Investment -Breaking

by Mike Robinson

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© Reuters.

Sam Boughedda

Investing.com — QuantumScape Corp’s shares (NYSE:) rose by more than 22% Monday to close at $37.89

Only stock-specific news was announced Monday by the company that makes lithium batteries. It has secured San Jose campus, Calif. which it describes as the future center of its manufacturing operations.

The primary factor for the rise in its share price can be attributed to Congress’ Friday approval of an infrastructure bill worth $1.2 trillion.

Funding for a national network of over 500,000 electric vehicle chargers is included in the bill, which amounts to approximately $7.5 billion. A separate fund was allocated for low-emission vehicles.

Stocks in the EV sector have risen as a result. QuantumScape is backed by Bill Gates and Volkswagen, which has been one of the biggest beneficiaries.

Other companiesEvgo Inc. (NASDAQ :), Workhorse Group Inc. (NASDAQ :), Blink Charging Co. (NASDAQ :), Lucid Group Inc. (NASDAQ 🙂 were all active on Monday.

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