Why CarParts.Com Shares Spiked Over 48% Today

CarParts.com, Inc PRTS shares closed over 48% higher today.

What Happened: The California-based company said it's launching a dedicated shopping hub for electric and hybrid vehicles on Tuesday.

The e-commerce firm claimed that it now offers over 700,000 applications for repair, maintenance, and enhancement of hybrids, plug-in hybrids, and EVs.

CarParts.com said it has aftermarket parts available for more than 25 vehicle makes — including those from Tesla Inc TSLA, Toyota Motor Corp TM, and Bayerische Motoren Werke AG BMWYY.

The company is hoping that as EVs and hybrids age people are more likely to buy aftermarket parts.

President Joe Biden on Monday announced that the entire federal fleet would be converted to electric vehicles — made in the United States, sending the stocks of Workhorse Group Inc WKHS and Lordstown Motors Corp RIDE soaring.

Price Action: CarParts.com shares closed 48.16% higher at $20.18 on Tuesday and fell 2.38% in the after-hours session.

See Also: BofA: Auto Parts Retailers Have Strong Margins In $300B Market