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Electric Vehicle Stocks Plunged in 2022. Here's Why It Could Worsen in 2023

TheMotleyFool

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Electric Vehicle Stocks Plunged in 2022. Here's Why It Could Worsen in 2023: https://g.foolcdn.com/editorial/images/715468/lucid.jpg

2022 was a dismal year for much of the market, and electrical vehicle (EV) stocks didn't escape the pain. Valuations compressed across the sector as interest rates rose and fears of a recession increased. Manufacturers also faced several sector-specific headwinds, including rising lithium prices, supply constraints, and competition from legacy automakers.

As you can see from the chart below, EV stocks got crushed across the board last year.