Why QuantumScape Stock Is Firing Up This Week

With several electric-vehicle (EV) stocks charging up this week, QuantumScape (NYSE: QS) couldn't be left far behind. Shares of the EV battery technology company had shot up 23.6% this week as of 1:30 p.m. EST Friday, according to data from S&P Global Market Intelligence. The passage of a long-awaited infrastructure bill and growth moves from QuantumScape this week powered the stock higher.

Last week, the U.S. House of Representatives approved President Joe Biden's $1.2 trillion infrastructure bill, which includes a $7.5 billion investment in an EV charging network of 500,000 chargers across the U.S. The Biden administration isn't just keen to advance clean energy projects in the U.S. but specifically wants the nation to grab a bigger share of the global EV sales market.

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Source Fool.com