Canoo (NASDAQ:GOEV) stock is climbing higher on Monday as investors react to news of a new order for the company’s electric vehicles (EVs).
The big news investors in GOEV stock need to know about is Kingbee ordering 9,300 EVs made by Canoo. Investors will also want to pay attention to an option in that order to increase the total number to 18,600 EVs.
It bears mentioning that Kingbee is a work-ready van rental provider. The company intends to take the EVs ordered from Canoo and alter them for its own needs. This will have them acting as “work-ready fleets solutions” for customers.
Why Kingbee Chose Canoo
Tony Aquila, chairman and CEO of Canoo, went into detail about the deal in a news release:
“Canoo’s proprietary platform and tophat technology enables Kingbee to adapt their fleet for evolving use cases at a class leading ROI, while allowing their customers to benefit from a vehicle, that is engineered for workers and optimized for ergonomics, with superior visibility, maneuverability and safety.”
GOEV stock is seeing heavy trading today following the order news. As of this writing, more than 17 million shares have changed hands. That’s a jump from the daily average trading volume of about 7.5 million shares.
GOEV stock is up 20.4% as of Monday morning but down 80.9% year-to-date (YTD).
Investors looking for more of the latest stock market news will want to stick around!
We’ve got all the stock coverage traders need to know about for Monday! That includes news from other EV companies, such as Nikola (NASDAQ:NKLA), Tesla (NASDAQ:TSLA) and Vicinity Motor (NASDAQ:VEV). You can catch up on all of that at the following links!
More Monday Stock Market News
- NKLA Stock Alert: What to Know as Nikola’s Founder Convicted of Fraud
- Tesla (TSLA) Stock Heats Up Ahead of Earnings
- Why Is Vicinity Motor (VEV) Stock Up 8% Today?
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On the date of publication, William White did not hold (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.