Stock of FREYR Battery SA (NYSE:FREY) are currently trading at $15.37 up+2.23 (+16.93%). More than 12,579,176 shares have exchanged hands and the stock is trading at 52 week high.
So why is FREY surging today ?
According to Morgan Stanley FREY is expected to build out its client base and production facilities and benefits from recent legislation being passed. Then electric vehicle battery maker could benefit from the from the Inflation Reduction Act’s passage because of its focus on clean energy funding. ESS batteries are considered an essential part of electric vehicles, which have been in high demand in recent years as corporations and consumers weigh their environmental and cost impacts against gas-powered cars.
As per Morgan Stanley, for the price to reach 60$, FREY needs to reach 182 GWh by 2035.
Some of other EV related stocks to look out for include Tesla Inc (NASDAQ:TSLA), XPeng (NYSE:XPEV), Phoenix Motor (NASDAQ:PEV), Fisker (NYSE:FSR), General Motors (NYSE:GM) and Ford Motor (NYSE:F).