The weak sales of electric vehicles in North America has led to the downgrade of Sensata ST.US and ChargePoint CHPT.US ratings in Goldman Sachs.

This year, US electric vehicle sales slowed and competition intensified, affecting not only the original equipment manufacturer (OEM), but also suppliers. In this environment, Goldman Sachs downgraded Sensata Technology (ST.US) from “buy-in” to “neutral” and ChargePoint (CHPT.US) from “neutral” to “sale-out” based on the exposure of some companies to the North American electric vehicle market.

In addition to lowering ratings, Goldman Sachs revised Sensata’s target prices by between 18 and 36 US dollars, and ChargePoint’s target prices by between 25 and 1.50 US dollars. According to Goldman Sachs analyst Mark Delaney, the market for electric cars in the United States was depressed, following a previous decision by Ford (F.US) to cut down or even postpone the production of some electric cars, so the recent and medium-term income growth in Sensata’s North American operations is expected to slow.

At the same time, more than 80% of the sales of ChargePoint are in North America, the slowdown in the sale of electric vehicles in the United States, and the opening of TSLA.US to other electric cars, both of which limit the demand for the ChargePoint network. In addition, Tesla’s sale of his chargers has led to a positive competition between the two companies.