Canoo Inc. GOEV shares are trading lower Thursday after a recent run-up. Here’s a look at what’s going on.
The Latest Developments:
In a recent announcement, Canoo revealed that the U.S. Postal Service is set to purchase and take delivery of six right-hand drive versions of Canoo’s LDV 190 in the first quarter of 2024. This forms part of its $40 billion investment strategy to upgrade the organization’s processing, transportation, and delivery networks.
Additionally, Canoo 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 significant 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.”
The positive announcements caused Canoo shares to soar by more than 30% over the past week. However, investors seem to be taking profits today, resulting in the stock plummeting by over 11%.
Related News: What’s Going On With Rivian Automotive Stock?
GOEV Price Action: According to Benzinga Pro, Canoo shares are down 11% at 18 cents at the time of publication.
Image: Joe from Pixabay