GOEV - Why EV Maker Canoo Shares Jumped Today
Specialty electric vehicle (EV) start-up Canoo (NASDAQ: GOEV) has had a difficult year. Its stock is down 85% year to date after the company nearly went out of business.
But there have been some positive developments over the last few months, and another one has shares moving higher. As of 2:10 p.m. ET, the stock was up 3.1% on the day.
After its first-quarter financial report, Canoo management expressed "substantial doubt" about its future, saying it may not be able to continue operating its business. Since that time, however, the company announced a nonbinding agreement in July for Walmart to purchase up to 9,000 Canoo commercial delivery vans.
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Why EV Maker Canoo Shares Jumped Today