GOEV - Why Canoo Nikola and Lordstown Motors Are Falling Today
2023-03-22 12:14:10 ET
Shares of electric vehicle companies Canoo (NASDAQ: GOEV) , Nikola (NASDAQ: NKLA) , and Lordstown Motors (NASDAQ: RIDE) were tumbling today after an analyst made comments yesterday indicating that price drops for EVs could be the new normal.
EV stock investors may also be on edge as the Federal Reserve meets today to decide on how it will proceed with interest rate increases to fight inflation. As a result of all of this news, Canoo's shares were down 6.1%, Nikola had fallen 3.7%, and Lordstown's stock dropped 5.3% as of 11:32 a.m. ET.
Morgan Stanley analyst Adam Jonas said yesterday that Tesla 's recent electric vehicle price cuts are the result of the company's success in scaling its manufacturing processes and because the company is a leader in the global EV market. Jonas noted that Tesla's vehicle price cuts are a "rational competitive behavior" in light of its strong position in the industry.
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Why Canoo, Nikola, and Lordstown Motors Are Falling Today