Shares of electric vehicle (EV) charging network company ChargePoint Holdings (NYSE: CHPT) jumped Thursday after President Joe Biden presented the details of his new jobs and infrastructure plan. As of 3 p.m. EDT, ChargePoint shares were up 8%, having pared gains of 15% from earlier in the session.
Several items detailed in the Biden package could help drive growth in charging companies like ChargePoint. The $2 trillion package includes about $620 billion allocated to transportation infrastructure. More than a quarter of that, or about $175 billion, is dedicated to the EV sector. This includes installing 500,000 charging stations and electrifying bus fleets and government vehicles. As a leading charging system infrastructure company in North America, investors believe ChargePoint stands to benefit.