It was a bad week for electric vehicle (EV) and renewable energy stocks across the board as consumer spending continues to struggle and EV competition heats up. It hasn't helped that interest rates are up and the economic future isn't certain, causing investors to take risk off the table in areas of energy that haven't proven to be profitable.

According to data provided by S&P Global Market Intelligence, shares of Nikola (NASDAQ: NKLA) fell 11.5% this week as of 1:30 p.m. EDT on Friday, Plug Power (NASDAQ: PLUG) was down 13.2%, and Li Auto (NASDAQ: LI) fell 8.3%. And the drop in shares may not be over.

The industry overall had a tough week. Earnings reports from Dollar General and showed consumers trading down and potentially slowing their level of spending. Consumers drive the economy, so if there's weakness, it could impact everything from auto sales to electricity demand.

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Source Fool.com