- NASDAQ: GOEV fell by 4.38% during Friday’s trading session.
- The EV sector tumbles ahead of May delivery numbers next week.
- Canoo is set to design and build NASA’s Astrovan.
NASDAQ: GOEV sank lower during Friday’s session as the EV maker closed the week at a 2..04% loss. Shares of GOEV dropped by 4.38% and closed the trading week at $4.80. Another sign of inflation came Friday via the monthly PPI report which saw a 5.2% rise from a year ago. Investors also digested a poor quarter from Amazon (NASDAQ: AMZN) and cautious guidance from Apple (NASDAQ: AAPL) as macroeconomic factors continue to weigh on even the largest companies. The Dow Jones plummeted by 939 basis points, while the S&P 500 dropped by 3.63%, and the NASDAQ slumped by 4.17% during the session.
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EV stocks were amongst the losers on Friday ahead of a key deliveries report from the month of April. Investors will be looking for any impact from the Shanghai lockdowns. Chinese EV makers were mixed as Nio (NYSE: NIO) fell below water while XPeng (NYSE: XPEV) and Li Auto (NASDAQ: LI) both surged. Other EV stocks like Lucid (NASDAQ: LCID) and Rivian (NASDAQ: RIVN) were trading well lower, with the latter hitting a new all-time low following negative sentiment from Amazon’s earnings call. Finally Tesla (NASDAQ: TSLA) started the day well in the green, hitting an intraday high of $934, before falling into the red by the closing bell.
GOEV stock forecast
Canoo is set to bring its unique design to outer space when it builds the all-new Astrovan model for NASA. The Astrovan is used to transport astronauts to the rockets on the launchpad. The Astrovan is part of the new Artemis program from NASA that is looking to send the first crew to the moon since 1972.
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