What's Going On With Canoo (GOEV) Stock?

Canoo Inc GOEV shares are trading lower. The stock appears to be pulling back after rallying Monday on a new CFO announcement. The company said it selected Google Cloud as its primary cloud provider Tuesday morning.

What Happened: Canoo shares moved higher Monday after the company appointed board member Greg Ethridge to CFO, effective immediately. Ethridge will assume responsibilities for capital markets, investor relations, accounting and financial reporting functions and will resign from the board by the end of 2023. 

Canoo shares closed Monday up 21.9% at 64 cents. 

Tuesday morning, the EV maker selected Alphabet Inc's GOOG Google Cloud to deploy a range of AI, data management and security technologies. The company plans to use such to increase the value of its EV data as it prepares to commence mass manufacturing. 

The company also noted that it hired Onix to help optimize its manufacturing processes including improving existing functions and developing new capabilities for its manufacturing platform. 

"We see a future where mobile transportation, communication, and technology align to make life easier and simpler for those who drive our vehicles," says Tony Aquila, chairman and CEO of Canoo.

"Our selection of Google Cloud and Onix means we have partners capable of bringing us infrastructure, tools and expertise to realize our vision.

See Also: Google Ventures into Renewable Energy Mapping, Targets $100M Revenue with New API Offerings

GOEV Price Action: Canoo shares were down 5.28% at 61 cents at the time of publication, according to Benzinga Pro.

Photo: courtesy of Canoo.