Lucid Motors (NASDAQ:LCID) stock is charging higher in pre-market trading for Monday and it’s thanks to recent news from the U.S. government.
The House of Representatives has approved President Joe Biden’s massive $1.2 billion infrastructure bill. This bill includes efforts to speed up the U.S.’s push toward electric vehicles (EVs). As a result, EV stock LCID is on the rise.
Included in the bill is $7.5 billion to create an EV charging networks across the U.S. This would help curb one of the major problems that EVs currently face, which is limited range due to battery size and a lack of charging stations.
It makes sense that LCID is on the move with today’s news. A new network of charging stations around the U.S. will likely ease the concerns that consumers have about EVs. That means Lucid Motors, and EV other companies, could see a boost in sales as more customers consider electric over gas for their next vehicle purchase.
President Biden said the following in a statement obtained by Benzinga on Saturday.
“Finally — infrastructure week. We did something that’s long overdue, that’s long been talked about in Washington, but never has actually been done”
Investors in LCID stock are reacting positively to the infrastructure bill news. We’re seeing some 6 million shares change hands. That’s a good start with the company’s daily average trading volume coming in at about 42.9 million shares.
LCID stock was up 2.9% in pre-market trading on Monday and is up 316.3% since the start of the year.
Investors looking for more recent stock market news are in luck!
We’ve got traders covered with our daily dives into the stock market. A few examples worth checking out include this morning’s biggest pre-market stock movers, the latest on Canopy Growth (NASDAQ:CGC) stock, as well as price predictions for Shake Shack (NYSE:SHAK) shares. You can find all of that at the following links!
More Stock Market News for Monday
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- CGC Stock Alert: What Is Going on With Canopy Growth Today?
- Shake Shack Price Predictions: Why One Analyst Sees SHAK Stock Roaring to $100
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.