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

Stock MarketsMay 19, 2021 03:03
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© 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.
  

 

 

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

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