FX.co ★ 3 shares of EV sector poised to surge soon

EV becomes high priority in US

Eco-friendly vehicles are expected to gain even more popularity in the US in the coming years. This is confirmed by the statement made by US President Joe Biden. His new $2 trillion stimulus plan aimed at developing infrastructure also implies investments in the so-called green economy. The electric car industry will be among those to benefit the most as it will receive $174 billion. This amount will be used for the development and production of electric vehicles as well as for construction of nearly 500,000 fast-charging stations all over the country.

Charging stations of the future

According to analysts, ChargePoint will soon become the leading company in the market of EV charging stations. At the moment, it is already among the largest companies in this sector. It accounts for more than 70% of all the charging stations in the US. All in all, the company manages the network of 132,000 stations in 14 countries worldwide. Right after the announcement of Biden’s plan, ChargePoint stocks surged by almost 24% within a day. Currently, the company’s stocks are trading at $28 per share, but experts are sure that they can easily rise to $43 per share.

Ambitious startup

US company QuantumScape, which specializes in clean technology, is backed by Bill Gates who invested in this little-known EV battery startup producing lithium-ion batteries of high capacity. The innovative project is also supported by auto giant Volkswagen that agreed to invest $200 million to fund all the stages of testing the product. Thanks to Biden’s rescue plan, QuantumScape shares advanced by 4% in one day. At the moment, the current price is $49 per share. However, analysts expect the stocks of QuantumScape to hit $58.

Hydrogen power

Scientists believe that in the future hydrogen fuel cells will replace conventional batteries in electric cars. This is the main idea that inspires American company Plug Power and its supporters, Renault, Acciona, and SK Group. Apart from joint projects with these companies, Plug Power is planning to build North America's largest green hydrogen production facility that in four years will start to supply 500,000 tons of green hydrogen per day. The plan proposed by the US President pushed the company’s stocks up by 7%. Currently, they are traded at $28 per share but are projected to jump to $85.