Why ChargePoint Stock Slid Today
Some electric vehicle (EV) stocks were having a rough day today after Tesla cut the price of its Model 3 and Model Y in China. Investors are concerned that the price cut could mean consumer demand is slowing in the country.
That weighed on some EV stocks today, including ChargePoint Holdings (NYSE: CHPT), an electric vehicle charging company. The stock was down by 2.3% as of 1 p.m. ET.
Tesla dropped the price of its Model Y by about 9% and its Model 3 by about 5% in China. While ChargePoint doesn't operate its network in the country, any news that there could be a potential slowdown in consumer EV demand often causes the share prices of other EV stocks to drop.
Source Fool.com
