GOEV - Why Shares of EV Maker Canoo Rose but Then Fell Monday
2023-04-10 11:22:06 ET
Start-up electric vehicle (EV) maker Canoo (NASDAQ: GOEV) provided two bits of news to start the week, and investors initially pushed the stock higher as a result. But not all the news was good for shareholders. The stock jumped almost 4% in early trading, but by 10:55 a.m. ET, shares had turned negative by 2.9%.
The good news from the company was that it now has a long-term lease agreement for a manufacturing facility in Oklahoma. The company had previously said it was looking to locate its factory in the state, and now has a 10-year lease agreement for the plant. The company was previously planning to purchase its manufacturing facility, but the new lease saves it upfront capital.
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Why Shares of EV Maker Canoo Rose but Then Fell Monday