EVs and Prisons Early Winners and Losers in Biden Administration
- First actions from president ripple through stock market
- Workhorse hits record after changes to federal vehicle fleet
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Electric vehicle and private prison stocks are among the initial batch of winners and losers in the new Joe Biden administration as the Democratic president rolls out his first policy actions.
After Biden said late Monday he wanted to replace the federal government’s vehicle fleet with electric cars, shares of EV manufacturers soared Tuesday, including Workhorse Group Inc., which touched an intraday record. Workhorse surged as much as 33%, while Nikola Corp. gained 26%, Lordstown Motors Corp. added 20% and Tesla Inc. rose 1.7%.