DCFC - Electric vehicle stocks drop as commodities supply chain headwinds worsen

Electric vehicle stocks started off the week mostly in reverse as the Russia-Ukraine war headlines and COVID concerns in China continue to impact sentiment. Electric Last Mile Solutions (ELMS -35.5%) is the biggest decliner in the EV sector after the company withdrew financial guidance and disclosed a SEC probe. Chinese automakers Li Auto (LI -10.2%), XPeng (XPEV -6.7%) and Nio (NIO -4.5%) were also sharply lower on concerns that rising COVID cases in China could create more slowdowns in the supply chain. Other EV stocks in reverse include Faraday Future Intelligent Electric (FFIE -9.7%), Rivian Automotive (RIVN -4.9%), FuelCell Energy (FCEL -4.9%), Lightning eMotors (ZEV -7.0%), Workhorse Group (WKHS -4.7%), REE Automotive (REE -5.8%) and TuSimple Holdings (TSP -5.5%). Meanwhile, Tesla (NASDAQ:TSLA) was flat in early trading after CEO Elon Musk warned again over the weekend on raw materials inflation. It was not all red in the sector with Mullen

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Electric vehicle stocks drop as commodities, supply chain headwinds worsen