Electric vehicle (EV) stocks including Lucid Group (NASDAQ: LCID) and Rivian Automotive (NASDAQ: RIVN), as well as EV charging-station stocks such as ChargePoint Holdings (NYSE: CHPT) rose today. The stocks of the three companies were up 6.6%, 8.5%, and 10%, respectively, at the close on Wednesday.

Not only were stocks in general marginally higher on better-than-expected retail sales, but the Biden Administration also announced a deal with leading EV and charging companies to accelerate the availability of interoperable and accessible charging stations across the country. These measures have the potential to boost EV sales over the coming years. 

January U.S. retail-sales data came in better than expected this morning, with sales up 3% month over month, a reversal of the declines in November and December, and the largest jump in nearly two years.

Continue reading

Source Fool.com