Why Hyliion, XL Fleet, and Property Solutions SPAC (Faraday) Stocks Are Higher Today

Shares of Hyliion (NYSE: HYLN), XL Fleet (NYSE: XL), and Property Solutions Acquisition (NASDAQ: PSAC), the special-purpose acquisition company that is reportedly preparing to merge with electric-vehicle start-up Faraday, were all trading higher on Tuesday after the Biden administration announced measures to boost electric vehicle adoption in the U.S. President Joe Biden said on Monday that he plans to replace the U.S. government's fleet of roughly 650,000 vehicles with zero-emissions electric models made in the United States.