Why Rivian, QuantumScape, and Blink Charging Jumped Today
Shares of electric vehicle manufacturers and their suppliers surged higher on Tuesday as we got more details about tariffs on imports into the U.S. It appears EVs will once again be a topic of intense debate during the presidential campaign, which depending on your view could be good for EV stocks.
Shares of Blink Charging (NASDAQ: BLNK) jumped as much as 10% in trading today, QuantumScape (NYSE: QS) was up 6.2%, and Rivian (NASDAQ: RIVN) rose 5.9% at its peak. The stocks closed the day up 5.8%, 1.4%, and 6.5%, respectively.
The U.S. government said tariffs of 100% on imported Chinese EVs will take effect on Aug. 1 after changes were made to the tariffs on everything from batteries to semiconductors. The tariffs are being put in place to protect U.S. automakers like Rivian, which are trying to build up domestic supply.
Source Fool.com
