Canoo (NASDAQ:GOEV) stock is on the move Thursday after announcing a few bits of news that traders will want to know about.
Let’s get right into that news below!
- The first big news moving GOEV stock today is a planned partnership with VDL Groep B.V.
- Canoo notes this comes after deciding against a deal with VDL Nedcar.
- That would have resulted in it setting up a manufacturing facility overseas.
- Instead, the electric vehicle (EV) startup plans to build its facilities in the U.S.
- This has VDL returning $30.4 million as part of the prior manufacturing agreement.
- Even so, it’s seeking a partnership with VDL Groep B.V. for its eventual entry into the European market.
- Following these changes to its manufacturing plans, Canoo is also updating its production guidance.
- It now expects between 3,000 and 6,000 units in 2022, as compared to its previous estimate of 500 to 1,000.
- 2023 guidance now includes 14,000 to 17,000 units instead of 15,000 units.
- It’s also expecting between 40,000 and 50,000 units in 2024, and 70,000 to 80,000 units in 2025.
- Canoo is also focusing on its EVs being 100% built in the U.S.
- To go along with that, the company says that 96% of parts will be sourced from the U.S. and Allied Nations.
Tony Aquila, chairman and CEO of Canoo, said the following in the press release sending GOEV stock higher today.
“We appreciate the months of effort VDL Nedcar invested to provide us with a contract manufacturing option, but we have concluded that building in America is better aligned with our mission and current focus to invest in the communities and states that are investing in hi-tech manufacturing alongside us, creating American jobs and innovation.”
GOEV stock is up 2.1% as of Thursday morning.
There’s more stock market news worth checking out below!
We’ve got everything traders need to know about the top stocks today. A few examples include a FREYR Battery (NYSE:FREY) deal, Kaixin Auto (NASDAQ:KXIN) announcing a strategic partnership, as well as software stocks looking to rebound next year. You can find all that at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
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