GOEV - Why Shares of Canoo Were Volatile Today
2023-04-12 11:03:20 ET
The share price of the electric vehicle (EV) company Canoo (NASDAQ: GOEV) rose quickly this morning on no company-specific news. Instead, investors may be digesting the latest details from the U.S. Environmental Protection Agency's (EPA) push to boost electric vehicle sales. The Biden administration released more information today about its plan to reduce emissions and increase EV adoption in the U.S. over the next several years.
The EV stock jumped today by as much as 8% this morning but then retreated and was up by just 2.9% as of 10:49 a.m. ET.
The Biden administration is proposing strict new tailpipe regulations on automakers, intending to significantly boost electric vehicle sales. The strict new emissions standards would result in about 67% of all new vehicles sold in 2032 being EVs. The proposed regulations set by the EPA would be stricter than previous regulations and begin for vehicles in the 2027 model year.
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Why Shares of Canoo Were Volatile Today