Electric vehicle (EV) stocks are on the move Thursday thanks to an update from President Joe Biden’s administration.
The final details of the President’s Build Back Better plan are coming out and that includes details surrounding EVs. The big one that has EV stocks on the rise is an increased tax credit when purchasing an EV.
This new bill would increase the tax credit when purchasing an EV from $7,500 to $12,500. However, there are some restrictions to getting that $5,000 boost. Among those are requirements for the EV to be “made in America with American materials and union labor.”
Let’s take a look at some of the EV stocks taking off on today’s news.
EV Stocks Charging Higher
- Lucid (NASDAQ:LCID) stock is soaring more than 26% higher as of Thursday afternoon.
- Canoo (NASDAQ:GOEV) shares are among the EV stocks rising with an over 8% boost as of this writing.
- Lightning Emotors (NYSE:ZEV) stock also joins the list with the company’s shares heading more than 10% higher today.
- Workhorse (NASDAQ:WKHS) is also riding higher on the news benefitting EV stocks today with shares jumping over 7%.
- Lordstown Motors (NASDAQ:RIDE) finishes off our list of EV stocks getting a boost today with the stock gaining more than 7%.
It’s worth noting that some major players in the EV space, such as Tesla (NASDAQ:TSLA) are missing from our list. That’s because the requirements for the additional EV tax credit exclude them from benefitting from it.
Investors that want more of the hottest stock market news for Thursday should stick around!
InvestorPlace is offering up daily dives into the market with our in-depth insight. Among that is Overstock (NASDAQ:OSTK) stock gaining on good news, an FDA update boosting HCW Biologics (NASDAQ:HCWB) shares higher, as well as GlobalFoundries launching its IPO today. You can get more details on these topics from the links below!
More Stock Market News for Thursday
- OSTK Stock: 11 Reasons Why Overstock Investors Are Overjoyed Today
- HCWB Stock: The Big FDA News That Has HCW Biologics Booming Today
- GFS Stock IPO: 10 Things to Know as GlobalFoundries Starts Trading Today
On the date of publication, William White 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.