Why Canoo Stock Plummeted 35.5% in December

Canoo (NASDAQ: GOEV) stock sank 35.5% in December, according to data from S&P Global Market Intelligence. Despite Canoo's significantly increasing its vehicle production guidance last month, the announcement wasn't enough to stop its stock price from getting crushed amid new sources of uncertainty. With the omicron variant signaling ongoing pandemic-related headwinds and the Fed seemingly on track to cut stimulus initiatives and raise interest rates, some investors abandoned the growth-dependent EV stock.