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KCAC - Why 3 Electric Vehicle Stocks Collapsed Today
Kensington Capital Acquisition Corp. II Class A
The Nasdaq composite index spent most of Wednesday in the red, but things really started melting down around 1:30 p.m. EDT, and the index closed the day down 3%.
Electric vehicle (EV) stocks suffering some of the greatest damage, with Chinese EV company Kandi Technologies (NASDAQ: KNDI) crashing 9.6% and Spartan Energy Acquisition (NYSE: SPAQ) , which aims to bring Fisker public, falling 10.6%. Kensington Capital Acquisition (NYSE: KCAC) , which will take the Bill Gates-backed lithium-battery maker QuantumScape public in a reverse-merger IPO , collapsed 11.8%.