Why EV Charging Stocks Are Down Today

It's shaping up to be a rough day for EV stocks.

As of 11:35 a.m. ET, shares of QuantumScape (NYSE: QS), a company that is developing solid-state lithium metal batteries for use in electric vehicles, are selling off to the tune of 2%. Companies focused on charging electric car batteries are suffering as well, with shares of Blink Charging (NASDAQ: BLNK) and ChargePoint Holdings (NYSE: CHPT) down 3.6% and 4.2%, respectively.

What's got investors in a funk about EV stocks? It's the economy, of course. Yesterday, the U.S. Bureau of Labor Statistics reported that inflation in America has hit a 41-year high of 9.1%. This morning, the BLS followed up that gloomy news with a report that the producer price index (the inflation rate for companies, which feeds into the inflation that consumers end up paying) soared even higher, landing at 11.3%.

Source Fool.com