Massive Bankruptcy News Crushes EV Stocks
Electric vehicle (EV) stocks cratered this week after Fisker filed for bankruptcy. The troubled automaker never got off the ground after a promising vehicle was plagued by poor software. While a failure doesn't say much about the other operators in the industry, it doesn't bode well for the market's willingness to fund EV losses long-term.
According to data provided by S&P Global Market Intelligence, EV makers Faraday Future Intelligent Electric (NASDAQ: FFIE) fell as much as 26.9% and VinFast (NASDAQ: VFS) dropped 9.9%. The two manufacturers are down 23.1% and 8.5% respectively for the week as of 2:45 p.m. ET. Charging companies Blink Charging (NASDAQ: BLNK) and ChargePoint (NYSE: CHPT) fell 14.1% and 20.1% respectively at their lows and are now down 12.8% and 19.5% on the week.
Fisker had a lot of problems investors couldn't fix. Software was an issue and manufacturing never hit production goals. But the other problem was demand.
Source Fool.com
