ChargePoint Holdings (NYSE: CHPT) provided its quarterly update this week, and it disappointed investors. That, along with the bigger picture of electric vehicle (EV) sales, has investors dumping ChargePoint stock.

As of Thursday afternoon trading, ChargePoint stock had tumbled by 25% this week, according to data provided by S&P Global Market Intelligence. That drove the stock near its 2024 lows and down nearly 40% year to date.

The investment thesis for EV charging companies like ChargePoint is largely based on growing global EV demand. But new entrants in the EV market like General Motors, Ford Motor Company, and Volkswagen are throttling back on production plans. And just this week Swedish automaker said it was abandoning its plan to sell only EVs by 2030.

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Source Fool.com