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

imageStock Markets4 hours ago (Nov 08, 2021 19:28)

© Reuters.

By Sam Boughedda

Investing.com — Shares of QuantumScape Corp (NYSE:QS) climbed more than 22% on Monday, to around $37.89.

The only stock-specific news announced on Monday is that the lithium battery technology company has secured a campus in San Jose, Calif., a place it described as being the future hub of its upcoming manufacturing activities.

However, the primary reason for its shares rising can be put down to Congress’ approval of a $1.2 trillion infrastructure bill late Friday.

The bill includes around $7.5 billion worth of funding towards a nationwide network of more than 500,000 EV chargers. There was also funding set aside for low emission vehicles.

As a result, stocks in the EV space have surged, with QuantumScape, backed by investors such as Volkswagen and Bill Gates, being among the main beneficiaries.

Other companies such as Evgo Inc (NASDAQ:EVGO), Workhorse Group Inc (NASDAQ:WKHS), Blink Charging Co (NASDAQ:BLNK), and Lucid Group Inc (NASDAQ:LCID) are also firmly in the green on Monday.

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

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