Today, Lucid Motors (NASDAQ:LCID) is seeing a relatively stable day. Shares of LCID stock are currently trading flat. That said, some investors in this early stage electric vehicle (EV) player are starting to get excited about the company’s future prospects.
Indeed, LCID stock has been on a nice run this week. On a week-to-date basis, investors in Lucid Motors have seen gains of approximately 5%. It appears some investors are looking for specific catalysts on the horizon that could take the EV sector on another nice ride.
One of the catalysts investors have looked at in the past is President Joe Biden’s infrastructure bill. Given the passage of this bill by the Senate, investors now have some certainty with respect to investment in the EV space.
However, today there’s a new catalyst investors are looking at. Let’s take a look at what may be the next driver for LCID stock.
Investors in LCID Stock Banking on $160 Billion Bill Expansion
Today, a group of 29 House Democrats have put together a rather intriguing proposal. These Democrats are asking for an additional $160 billion in funding for the EV sector to be included in the $3.5 trillion infrastructure package.
The majority of this increased funding would go toward consumer incentives to support demand for electric vehicles. Additionally, Biden’s goal of having 500,000 EV charging stations would likely get a huge boost from this additional funding.
With more specifics coming out on the size and scope of potential EV-related funding as part of this bill, EV investors have a lot to be excited about. One would think that LCID stock would be much higher on this news. That said, today’s move indicates much of this enthusiasm may already be baked into current valuations.
On the date of publication, Chris MacDonald did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.