Here's Why EV Maker Canoo's Stock Is All Charged Up Today

Canoo Inc GOEV stock traded sharply higher on in the pre-market session on Wednesday after the pre-production electric vehicle startup made a series of announcements.

Charged Up: The electric vehicle startup's shares closed 23.67% higher at $10.45 a share on Tuesday and traded 11% higher in pre-market trading on Wednesday.

Why Is It Moving? Canoo on Monday after-hours surprised investors with a plan to begin production before the fourth quarter of 2022, compared with a previous estimate of early 2023. 

"Our discipline continues to be Big News or No News,” Canoo CEO Tony Aquila said. “Therefore, we will accelerate our advanced manufacturing production in the U.S. to begin before Q4 2022."

See Also: EV Startup Canoo Moves Headquarters To Walmart's Backyard

The company said it plans to move its headquarters from California to Bentonville, Arkansas — the home of retail giant Walmart Inc WMT.

Canoo would set up an advanced manufacturing industrialized facility in Bentonville, Arkansas. The company also announced Panasonic as its battery supplier.

The Japan=based battery supplier Panasonic was an early investor in Tesla Inc TSLA but shed all of its stake — worth about $730 million — in the Elon Musk-led company last year.

See Also: Tesla Battery Supplier Panasonic Cuts Entire Stake In Elon Musk Company

Canoo reported a net loss of $80.9 million for the third quarter and no revenue in the quarter.

Canoo plans to launch a number of electric vehicles including a commercial van and a small pickup truck.

The company said it grew the workforce by 22% sequentially to about 800 — 700 employees and 100 contractors — at the close of the third quarter.

Canoo shares are down 16.40% year-to-date.

Canoo is among a host of electric vehicle startups that have in the recent times taken the SPAC route to go public and have secured high-valuation.

Lucid Group Inc LCID on Tuesday overtook legacy player Ford Motor Co F in terms of market capitalization. Rececntly-listed Rivian Automotive Inc RIVN too has surpassed legacy automakers in terms of valuation. 

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