CHPT - Why ChargePoint Blink Charging and Lordstown Motors Sank Today
Electric vehicle (EV) stocks went on a tear as the Inflation Reduction Act (IRA) made its way through Congress and investors saw a huge boost for the sector coming. EV charging companies ChargePoint Holdings (NYSE: CHPT) and Blink Charging (NASDAQ: BLNK) are up 21% and 30%, respectively, in the past 30 days. Shares of EV start-up Lordstown Motors (NASDAQ: RIDE) are more than 9% higher in that time.
But the stocks are sinking Friday. As of 3:45 p.m. ET, ChargePoint shares had dropped 8.7%, Blink shares were down 8%, and Lordstown was 9.6% lower.
Now that the IRA is signed into law, the fine print has some investors wondering just how helpful it might be for these early-stage EV companies. All three of these companies need EV ownership to expand to support their business models.
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Why ChargePoint, Blink Charging, and Lordstown Motors Sank Today