Nio (NYSE:NIO) stock got a boost on Wednesday following news of President Joe Biden’s plans to push the U.S. toward an electric vehicle (EV) future.
A fact sheet from the White House goes into details about the President’s EV plans. The release notes that the U.S.’s EV sales are only about a third of China’s. President Biden wants to change that with programs incentivizing EVs.
According to the fact sheet, President Biden wants to invest $174 billion into the U.S. EV market to get it up to speed. The hope is that this will encourage automakers to increase domestic supply chains for EVs.
Adding to that, President Biden wants the plant to offer incentives to states and local governments that embrace EV tech. That includes setting up 500,000 EV chargers by 2030. Adding to that are plans to increase training for EV workers to make sure that the network is properly maintained.
President Biden’s plan also calls for replacing 50,000 diesel transit vehicles with EV alternatives. This will also have the country replacing 20% of yellow buses with electric versions as well. The goal is to eventually reach 100% electric yellow buses.
The final bit of news from the White House fact sheet is plans to revamp the federal fleet. That will have the government switching these over to EVs. It’s worth pointing out that this also includes the United States Postal Service.
President Biden’s plan also covers much more than just the EV industry. There are also plans for upgrading roadways and other parts of the U.S.’s infrastructure. Those interested can check out the full fact sheet from the White House at this link.
NIO stock is on the rise today following the positive EV news. That has shares up alomost 1% as of Wednesday morning.
Plenty of other EV stocks are also heading higher on President Biden’s plan.
Lods of EV companies are likely to benefit from the President’s new plan. That includes ChargePoint Holdings (NYSE:CHPT), Churchill Capital IV (NYSE:CCIV), and others. Investors can get a deeper dive into those stocks with the content below.
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- EV Stocks: Why CHPT, WKHS, GOEV, CCIV Stocks Are on the Move
- CHPT Stock: The Big EV News That Has ChargePoint Powering Up Today
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.