The Road Less Traveled: 3 Stocks to Sell as the Electric Vehicle Market Stalls


  • Continued weakness in the electric vehicle market presents the perfect opportunity to drop weak performers.
  • Faraday Future (FFIE): Faraday Future is circling the drain.
  • ChargePoint (CHPT): ChargePoint squandered its early lead in the EV infrastructure sector.
  • Ford (F): Ford’s EV woes are on prominent display of late.
EV Market Outlook - The Road Less Traveled: 3 Stocks to Sell as the Electric Vehicle Market Stalls

Source: Intarapong /

Investors don’t have to dive far into the EV market outlook for evidence that electric vehicle stocks are in trouble. Headlines like this one from Bloomberg quickly indicate that the sector is in ‘shambles.’

Tesla (NASDAQ:TSLA) – the market leader – has seen its share prices drop to levels that it hasn’t tested for two months. It’s been a particularly rough start to the year for Elon Musk’s company, a barometer for the overall market.

It’s unsurprising that the rest of the EV market is also suffering. That doesn’t necessarily mean 2024 will be disastrous for electric vehicles. However, it does create a reasonable point for investors to drop certain stocks from their respective portfolios.

EV Market Outlook: Faraday Future (FFIE)

Person holding cellphone with logo of electric vehicle company Faraday Future Inc. (FFIE) on screen in front of business webpage. Focus on phone display. Unmodified photo.
Source: T. Schneider /

Faraday Future (NASDAQ:FFIE) Is very clearly amongst the worst EV stocks available to investors.

That truth is exemplified in many ways, but perhaps none is more obvious than that its shares are about to get kicked off the Nasdaq exchange. Its shares are currently worth 15 cents, which is highly concerning in and of itself. It’s so low that it doesn’t meet NASDAQ compliance standards, which state that shares must trade for a dollar or more.

However, Faraday Future’s shares are nowhere near meeting that standard, which is why the company received notice on Dec. 28 that it did not comply with the rule. The company now has until Jun. 25 to maintain a price level of a dollar for 10 consecutive days or risk delisting.

Its flagship vehicle comes with a launch lease price of $4,990 per month and a $15,000 down payment. Something tells me the company’s troubles are only going to compound moving forward.

ChargePoint (CHPT)

EV stocks: A close-up shot of a ChargePoint charging station.
Source: YuniqueB /

Rewind a few years, and the outlook for ChargePoint (NYSE:CHPT) stock was infinitely brighter than it is now.

Then, the company had a vast lead in the EV infrastructure sector. This chart perfectly exemplifies that notion. The company then had more than three times as many level two charging ports as its nearest competitor, Tesla.

The assumption was that ChargePoint would be able to capitalize on its strong early lead and subsequently grow even stronger. That has not been the case.

Fast forward to early 2024, and it’s easy to argue that other EV infrastructure stocks, including EVgo (NASDAQ:EVGO), are simply better.

While EVgo’s revenues are surging, ChargePoint continues to endure a period of top-line contraction. Sales declined by 12% in the third quarter, which nearly doubled net losses that exceeded $158 million.

For investors seeking a strong electric vehicle investment on the infrastructure side, charge point is simply a poor choice currently.

Ford (F)

Ford dealership sign against a blue sky.
Source: D K Grove /

Ford (NYSE:F) and the other legacy vehicle manufacturers continue to miss the ball regarding EVs. As a result, their stocks are not worth buying.

The legacy vehicle manufacturers have impressive histories after developing internal combustion engines that continue to dominate vehicle sales. These firms are also struggling with electric vehicle adoption. Ford and the other legacy manufacturers were not early adopters of EV technology, which opened the door for Tesla and others. Tesla, of course, has grown into a massive challenger to the legacy vehicle makers.

Tesla’s success in commercializing electric vehicles paved the way for Ford and others to expand into the sector. Tesla proved that there were vast fortunes to be made from electric vehicles. So, the legacy manufacturers jumped on board, but to date, it has not worked in their favor.

Ford recently Cut production of its F-150 Lightning Electric truck. That will result in 1,400 job losses, yet another sign that the company simply doesn’t have its finger on the pulse of the EV market.

On the date of publication, Alex Sirois did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

Alex Sirois is a freelance contributor to InvestorPlace whose personal stock investing style is focused on long-term, buy-and-hold, wealth-building stock picks. Having worked in several industries from e-commerce to translation to education and utilizing his MBA from George Washington University, he brings a diverse set of skills through which he filters his writing.

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