Why ChargePoint and Other EV Stocks Tanked in October
The broader stock market indexes outperformed the technology-filled Nasdaq Composite index last month with many early-stage tech companies underperforming even that index. That included electric vehicle (EV) charging network company ChargePoint Holdings (NYSE: CHPT) as well as EV makers Polestar Automotive Holding (NASDAQ: PSNY) and Faraday Future Intelligent Electric (NASDAQ: FFIE).
ChargePoint only dropped 5.3% in October, but shares of Polestar and Faraday Future lost 11.9% and 15.1%, respectively, according to data provided by S&P Global Market Intelligence.
The underperformance was more the result of general market sentiment than any business-specific news from these three companies. These stocks are all very speculative, but last month's drops might have provided investors a better price if anyone is looking to add these risky holdings to a portfolio.
Source Fool.com
