What happened Shares of XL Fleet (NYSE: XL) dipped 24.3% in April, according to data from S&P Global Market Intelligence. The vehicle electrification company had some good news to announce in the month, but volatility in the overall electric vehicle (EV) space weighed on its stock. XL data by YCharts While EV leaders including Tesla and NIO posted strong vehicle delivery data in April, stock performance in the space was mixed last month, and some players saw significant sell-offs. There wasn't much in the way of negative, business-specific news to push XL Fleet stock lower last month, but there also wasn't any groundbreaking positive news, and investors appear to be taking a more cautious approach to the EV space in recent months. Image source: XL Fleet.Home | XLFleet. So what Growth-dependent technology stocks have also recently been under pressure as many investors have rotated into pandemic recovery plays and value stocks. The tech sector has pulled back amid concerns that the U.S. Federal Reserve Bank may raise lending rates earlier than previously anticipated, making it more difficult for companies to fund growth initiatives and dampening a bullish catalyst in the stock market. While pressures on EV stocks dragged XL Fleet's share price lower last month, the company also announced that it had signed a new contract. XL published a press release on April 7, revealing that it would be converting 19 Ford F-Series pickup trucks this quarter for Apex -- a clean energy company that constructs and operates wind and solar power facilities. The vehicle electrification company's stock got a boost following the announcement, but it wasn't enough to stop the stock from closing out the month with a double-digit stock slide. Now what XL Fleet's stock has continued to slide in May's trading. The company's share price is down roughly 11.6% in the month so far. XL data by YCharts The electric vehicle market has huge room for growth over the long term, but it's inevitable that the space will become increasingly competitive. Thus far, there are fewer entrants in the vehicle electrification space, but XL Fleet could still feel the pressure as more companies begin producing EVs. The company may still be able to carve out a niche, but increased competition and options in the EV space will likely drive vehicle prices down and make vehicle electrification services less appealing. XL Fleet has a market capitalization of roughly $823.5 million and is valued at approximately 19 times this year's expected sales. 10 stocks we like better than XL Fleet Corp.When investing geniuses David and Tom Gardner have a stock tip, it can pay to listen. After all, the newsletter they have run for over a decade, Motley Fool Stock Advisor, has tripled the market.* David and Tom just revealed what they believe are the ten best stocks for investors to buy right now... and XL Fleet Corp. wasn't one of them! That's right -- they think these 10 stocks are even better buys. See the 10 stocks *Stock Advisor returns as of February 24, 2021 Keith Noonan has no position in any of the stocks mentioned. The Motley Fool owns shares of and recommends NIO Inc. and Tesla. The Motley Fool has a disclosure policy.Source