With the growing need to address climate change, reduce carbon emissions, and transition to sustainable energy solutions, the electric vehicle (EV) market is one of the fastest-growing industries - and the most crowded. Aside from the fierce competition, macroeconomic headwinds have hampered EV companies' financials. Even automotive giant Tesla (TSLA) has struggled with rising interest rates and low consumer spending on EVs over the last two years.
Most EV stocks fell after California-based automaker Fisker filed for bankruptcy last month. While Fisker's financial situation is unrelated to that of other EV companies, investors are increasingly wary of investing in EV companies.
