Canoo Inc. GOEV shares are trading lower Thursday after a recent run-up. Here’s a look at what’s going on.
Recent Developments:
Last week, Canoo revealed that the U.S. Postal Service is set to procure and receive 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 modernize the organization’s processing, transportation, and delivery networks.
On Wednesday, Canoo announced the successful addition of electric vehicles to Zeeba’s fleet, pursuant to an existing agreement that allocated a total of 5,450 EVs for Zeeba.
“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 surged following the announcements and gained over 30% during the past week. However, investors may be capitalizing on these gains on Thursday, leading to a more than 11% decline in the stock price.
Related News: Recent Fluctuations in Rivian Automotive Stock
GOEV Price Action: As reported by Benzinga Pro, Canoo shares are down 11% at 18 cents at the time of publication.
Image: Joe from Pixabay
