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Why 3 Electric Vehicle Stocks Collapsed Today

TheMotleyFool

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Why 3 Electric Vehicle Stocks Collapsed TodayPhoto, wide shot, wide-angle lens, soft focus, Auto parts supplier, sunset photo at golden hour, photo by Thomas Heaton: https://oaidalleapiprodscus.blob.core.windows.net/private/org-IbuNdCATsFaPOITjFOv2kJh3/user-AXaxqjBUW45D8BadJEo9mUpW/img-ZpZWLOA2q1Lrbc78ceLTs90l.png?st=2023-05-15T05%3A50%3A02Z&se=2023-05-15T07%3A50%3A02Z&sp=r&sv=2021-08-06&sr=b&rscd=inline&rsct=image/png&skoid=6aaadede-4fb3-4698-a8f6-684d7786b067&sktid=a48cca56-e6da-484e-a814-9c849652bcb3&skt=2023-05-14T21%3A19%3A00Z&ske=2023-05-15T21%3A19%3A00Z&sks=b&skv=2021-08-06&sig=aAZzsKm3Fg0e2CB07XvcACW5j1LlZPrsv8bXoWdHs6k%3D

The Nasdaq composite index spent most of Wednesday in the red, but things really started melting down around 1:30 p.m. EDT, and the index closed the day down 3%.

Electric vehicle (EV) stocks suffering some of the greatest damage, with Chinese EV company Kandi Technologies (NASDAQ: KNDI) crashing 9.6% and Spartan Energy Acquisition (NYSE: SPAQ), which aims to bring Fisker public, falling 10.6%. Kensington Capital Acquisition (NYSE: KCAC), which will take the Bill Gates-backed lithium-battery maker QuantumScape public in a reverse-merger IPO, collapsed 11.8%.

Source Fool.com

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