With gas prices soaring, millions of American drivers are now considering the purchase of an electric vehicle (EV).

And the timing is actually perfect for one stock to reap the benefits, as the Biden administration is prepared to boost EV mass adoption with $5 billion already allocated toward the effort.

While not directly related to current news – including the impact a blockade of Russian energy will have on gas prices – the money was set aside as part of the $1 trillion infrastructure plan that cleared Congress last year in a rare bipartisan effort.

It plans to use that money to solve one of the biggest obstacles facing EV sales: range anxiety. There simply aren’t enough charging stations located along major highways that provide quick “fill-ups.”

The White House is investing heavily to put those platforms in big states like California, Florida, and Texas.

And this one stock I’ve identified is set to cash in on both EV charging stations and the vehicles themselves.

Let me show you why it’s set to double earnings in as little as 2.5 years…

Government Regulation Means Opportunity for this EV Stock

There’s no doubt that the future of the auto industry will ride on EVs. Every major U.S. and foreign car firm selling here is already heavily committed to focusing on EVs over gas-powered cars.

The global EV sector was worth $163.01 billion in 2020, according to Allied Market Research. And it’s set to grow at a yearly compound rate of 18.2% until it hits a staggering $823.75 billion by 2030.

Clearly, there’s a lot of money up for grabs.

That’s why the Biden administration’s effort is so important. Without a big push for EV charging stations, potential EV buyers will be left feeling range-bound.

It’s the common concern that EVs can’t be taken on long drives because they could run out of juice in an area where there’s no convenient way to recharge them quickly – or at all.

But tech leader Jabil Inc. (JBL) has a solution that puts drivers at ease, and the timing couldn’t be better for investors.

Jabil helps tech companies with every single part of the manufacturing process with expertise in building EV charging station components.

The firm works with companies to design all the different parts that go into an EV charger, and then works to set up and run production lines that spit those chargers out.

Through a partnership with European startup EVBox, Jabil will help deploy at least 200,000 public charging stations across 70 countries, including 1 million units in the U.S. by 2025.

It also boasts manufacturing and service contracts with car makers quickly moving into EVs, such as Ford Motor Co. (F), BMW (BMWYY), Nissan Motor Co. (NSANY), and Volkswagen AG (VWAGY); plus, it works with the new, EV-only car brands that are taking the world by storm such as Tesla Inc. (TSLA) and Rivian Automotive Inc. (RIVN).

Without government spending and Jabil, the U.S. would be behind the rest of the world in adopting EV technology, the battery, power, and the automation tech that comes with it.

But there’s a whole lot more going on with Jabil than fast EV chargers…

Other Money-Making Areas Where You’ll See This Company

Take healthcare, where Jabil is the world’s largest provider of manufacturing solutions.

The firm works with the world’s biggest medical brands to create, test, and manufacture medical implants, surgical tools, inhalers, diagnostic tools, health-focused smart devices, and much more.

And so far, we’ve only touched on the diversified manufacturing half of Jabil’s business. See, almost half of Jabil’s revenue comes from electronics manufacturing.

That’s where the firm works with companies such as Cisco Systems Inc. (CSCO), Nokia Corp. (NOK), Ericsson (ERIC), Amazon.com Inc.’s (AMZN), AWS, SolarEdge Technologies Inc. (SEDG), and many more to design and manufacture 5G chips, antennas, solar panels, networking equipment, and much, much more.

It’s a natural extension of Jabil’s work in the automotive sector, where everything from sensors, semiconductor chips, and customized designs are par for the course.

Add it all up, and you can see why this is such a profit powerhouse. Over the past three years, Jabil grew per-share earnings by an average of 30%.

The figure is three times higher than sales, showing a very efficient operation. It makes for a great long-term way to build wealth.

Cheers and good investing,

— Michael A. Robinson

Source: Strategic Tech Investor