CHPT - Why Albemarle ChargePoint and QuantumScape Fell This Week
2023-04-07 07:00:00 ET
Shares of electric vehicle ecosystem participants Albemarle (NYSE: ALB) , ChargePoint Holdings (NYSE: CHPT) , and QuantumScape (NYSE: QS) fell hard this week, declining 11.9%, 12.2%, and 10.9%, respectively, according to data provided by S&P Global Market Intelligence .
While none of these companies reported earnings or had material financial disclosures this week, there were some bearish analyst comments on specific companies as well as the auto sector in general from Wall Street analysts. In addition, Tesla 's (NASDAQ: TSLA) first-quarter deliveries data released last weekend appeared to disappoint more hopeful investors in the EV space.
None of these three companies is an actual electric vehicle manufacturer, but each is a part of the EV ecosystem. Albemarle is a lithium processor, the key material in lithium-ion batteries that power EVs. QuantumScape is pioneering research in solid-state batteries, a newer technology that has higher density and stability than today's lithium-ion batteries but has not yet been commercialized. Meanwhile, ChargePoint Holdings is the global leader in charging stations and would benefit from the continuation of EV adoption and usage.
For further details see:
Why Albemarle, ChargePoint, and QuantumScape Fell This Week