Better EV Stock: QuantumScape vs. ChargePoint
QuantumScape (NYSE: QS) and ChargePoint Holdings (NYSE: CHPT) were both red-hot stocks during the buying frenzy in electric vehicle (EV) stocks in late 2020 and early 2021.
QuantumScape, a developer of solid-state batteries, merged with a special purpose acquisition company (SPAC) in November 2020. Its shares opened at $24.80 on the first day before soaring to an all-time high of $131.67 a month later. ChargePoint, a leading builder of EV charging networks, also went public by merging with a SPAC in March 2021. Its stock started trading at $30.11 and rose to its post-merger high of $35.69 in June.
But today, QuantumScape's stock trades at about $7 while ChargePoint is worth $2. Both stocks lost more than 90% of their value as the EV market cooled off and rising interest rates popped their bubbly valuations. Should contrarian investors buy either of these out-of-favor EV stocks before the bulls rush back?
Source Fool.com
