GOEV - Why EV Stocks Jumped on a Mixed-Market Day
Stocks were mostly lower early Tuesday after the latest inflation report showed consumer prices remain stubbornly high, even as the Federal Reserve has maintained its campaign of raising interest rates to slow growth. But some electric vehicle (EV) names were still gaining ground in the market session.
ChargePoint Holdings (NYSE: CHPT) was up 3.8% on the day as of 2:30 p.m. ET. Battery maker QuantumScape (NYSE: QS) and utility EV maker Canoo (NASDAQ: GOEV) were also higher by 4.5% and 0.3%, respectively, at that time.
The gains came amid another sign that the EV market will be growing for many years to come, which is exactly what successful investments in these names will require. Today, The Wall Street Journal reported on a vote by the European Union (EU) approving a new law that effectively bans the sale of gasoline- and diesel-powered cars in the region starting in 2035.
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Why EV Stocks Jumped on a Mixed-Market Day