CHPT - Why Lucid Group ChargePoint and Blink Charging Surged Again Today
2023-11-15 14:13:51 ET
Shares of EV-related companies Lucid Group (NASDAQ: LCID) , ChargePoint (NYSE: CHPT) , and Blink Charging (NASDAQ: BLNK) were rallying Wednesday, up 4%, 3%, and 8%, respectively, as of 1:33 p.m. ET.
These electric vehicle (EV)-related stocks are highly sensitive to interest rates. That means yesterday's softer-than-expected October Consumer Price Index (CPI) lit a fire under each, and that rally was followed through today by today's much softer-than-expected Producer Price Index (PPI) data.
The common denominator across these companies is that they each play into the electric vehicle space , and each are losing money as they invest in what they believe to be a large future market.
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Why Lucid Group, ChargePoint, and Blink Charging Surged Again Today