What's Going On With EV-Maker Canoo Stock?

Canoo Inc. GOEV shares are trading lower Thursday after a recent run-up. Here’s a look at what’s going on.

What To Know:

Last week, Canoo announced the U.S. Postal Service will purchase and take delivery of six right-hand drive versions of Canoo’s LDV 190 in the first quarter of 2024 as part of its $40 billion investment strategy to upgrade the organization’s processing, transportation and delivery networks.

On Wednesday, Canoo announced it has successfully added electric vehicles to the fleet of Zeeba, management as part of an existing agreement with Zeeba that awarded a total of 5,450 EVs.

“Our partnership with Zeeba signifies a major step forward in the electrification of commercial fleets across the United States, where EVs are the ideal use case,” said Tony Aquila, CEO of Canoo.

“With an impressive revenue growth, Zeeba has increased its number of clients by 10 times in the last two years and has a large backlog of clients waiting for Canoo vehicles. We are excited to work with a dynamic, skilled team that is expanding its national fleet.”

Canoo shares raced higher on the announcements and gained more than 30% over the past week. Investors may be taking profits Thursday, and the stock is down by more than 11%.

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GOEV Price Action: According to Benzinga Pro, Canoo shares are down 11% at 18 cents at the time of publication.

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