GOEV - Why Workhorse Group Lordstown Motors and Canoo Stocks All Jumped Today
The stocks of three struggling electric vehicle (EV) companies are jumping today. Shares of Workhorse Group (NASDAQ: WKHS) and Lordstown Motors (NASDAQ: RIDE) are down between 60% and 70% in the last 12 months. Those of special purpose EV maker Canoo (NASDAQ: GOEV) have lost 32% in the last year. But all three are popping higher today. As of 3:35 p.m. ET, Workhorse, Lordstown, and Canoo shares were up 12.7%, 17.1%, and 14.9%, respectively.
Today's jump comes as investors heard the opinion from Goldman Sachs that almost half of all cars on the road by 2040 will be fully, or plug-in hybrid, electric . The report shared by CNBC added that analysts at the investment bank believe much of the acceleration for EV adoption will occur after 2030. That may bode well for smaller start-up companies that will take several years to successfully ramp production up to scale. And it's helping these electric vehicle stocks outperform even on a day when other growth stocks and the tech-heavy Nasdaq Composite index are leading the market higher.
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Why Workhorse Group, Lordstown Motors, and Canoo Stocks All Jumped Today