Why Canoo Shares Are Climbing Higher Today

Canoo Inc GOEV is trading higher Thursday morning after the company raised its production guidance and announced it will accelerate and shift production of its electric vehicles from Europe to the United States.

Canoo is set to begin manufacturing at its advanced industrialization facility planned for Northwest Arkansas in 2022 and remains on target to bring its mega micro factory online in Oklahoma in late 2023.

Canoo raised 2022 production guidance from 500 to 1000 units to 3,000 to 6,000 units and 2023 guidance from 15,000 units to 14,000 to 17,000 units. The company also said it is targeting 40,000 to 50,000 vehicles in 2024 and 70,000 to 80,000 vehicles in 2025.

"Canoo is now in a position to issue guidance at a time when many others in the industry are reducing targets and projections. The company has now refined its manufacturing strategy and assembled a team to execute the production roadmap for 2022 – 2025,” said Tony Aquila, chairman and CEO of Canoo.

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Canoo is a mobility technology company that designs and manufactures electric vehicles for both commercial and consumer markets. 

GOEV Price Action: Canoo has traded as high as $24.90 and as low as $5.75 over a 52-week period.

The stock was up 8.45% at $9.37 at time of publication.

Photo: courtesy of Canoo.