EMBK - Electric Last Mile Volta and Aeye lead big down day for the electric vehicle sector

The electric vehicle sector was hammered on Monday along with the rest of the stock market. Investor anxiety over the prospect of higher interest rates and a potential prolonged economic downturn piled on negative sentiment from early in the day when Electric Last Mile Solutions (NASDAQ:ELMS) filed for bankruptcy protection. For its part, ELMS ended the day down 61.61% off the bankruptcy development. The biggest EV stock decliners were Volta Inc (VLTA) -25.57%, Embark Technologies (EMBK) -16.71%, Foresight Autonomous holdings (FRSX) -16.13%, Aeye (LIDR) -15.50%, Arrival (ARVL) -14.38%, Nikola (NKLA) -13.49%, QuantumScape (QS) -12.91% and Hyzon Motors (HYZN) -12.88%. Analysts have pointed out that a quicker ramp of interest rates by the Federal Reserve could impact both borrowing costs and valuations for EV startups. There is also some eyes on China where the zero-tolerance COVID policy is still putting the supply chain at risk. Sector watch: Tesla is in the spotlight amid late-quarter production

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Electric Last Mile, Volta and Aeye lead big down day for the electric vehicle sector