One sector of the stock market that was hit particularly hard was the electric vehicle (EV) industry. The Global X Autonomous and Electric Vehicle ETF (NASDAQ:DRIV) lost 53.5% of its value in 2022.
EV stocks, along with other stocks, have taken a hit as a result of rising interest rates and stubbornly high inflation. EV-related stocks are being weighed down by the slow adoption of EVs. Sales of EVs have been growing, but not as aggressively as initially projected.
One of the more interesting EV-related companies is ChargePoint Holdings Inc (NYSE:CHPT). It’s not a pure-play EV company, but it’s the kind of company that keeps EVs rolling.
About ChargePoint Holdings Inc
This post originally appeared at Profit Confidential.