CHPT - Why QuantumScape ChargePoint and Arrival Stocks Surged This Week
Stocks across the electric vehicle (EV) sector are surging this week -- among them, solid-state EV battery developer QuantumScape (NYSE: QS) , charging network leader ChargePoint Holdings (NYSE: CHPT) , and start-up vehicle maker Arrival (NASDAQ: ARVL) . As of Friday morning, these three names were up by 16.2%, 24.6%, and 15.8%, respectively, for the week, according to data provided by S&P Global Market Intelligence .
This pop marks somewhat of a recovery rally for these stocks. The market has been focused on inflation, and the government's report showing that the Consumer Price Index grew in June at its highest rate in 40 years didn't soothe concerns. But high-growth names had already been pummeled by those worries, and a bigger picture view pushed EV growth stocks higher this week.
For its part, QuantumScape has soared by about 30% over the last 30 days. There haven't been any recent changes to the company's plan to commercialize its solid-state battery technology. It is still more than a year away from potential commercialization. But its stock had been in a long slide, and remains down over 45% year to date, even after the recent surge.
For further details see:
Why QuantumScape, ChargePoint, and Arrival Stocks Surged This Week