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Why Canoo Stock Is Sinking Again Today

TheMotleyFool

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Why Canoo Stock Is Sinking Again Today: https://g.foolcdn.com/editorial/images/733773/a-canoo-electric-vehicle-driving-in-the-desert.jpg

Canoo (NASDAQ: GOEV) stock is seeing significant sell-offs in Wednesday's trading. The electric vehicle (EV) company's share price was down roughly 6.3% in the daily session as of 11:30 a.m. ET, according to data from S&P Global Market Intelligence.

While there wasn't any fresh news directly related to Canoo's business, recent earnings results from another player in the EV space suggest that demand may be weakening in the market. Chinese automaker XPeng published its first-quarter results before the U.S. market opened this morning, with the company's performance in the period falling short of expectations and its forward guidance raising some red flags for the broader EV industry.

Image source: Canoo.

Source Fool.com

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