Canoo (GOEV) Stock Is Moving Higher Monday: What's Driving The Action?

Canoo Inc GOEV shares are trading higher. The company on Monday reported the purchase of new manufacturing assets.

What To Know: Canoo said it purchased manufacturing assets "at dramatically reduced prices" to scale production at its Oklahoma City facility. The assets range from robotics to controls processing equipment that will be used to build vehicle cabins and were acquired at discounted prices of over 80% of estimated value.

"While many companies invested in capital equipment prematurely, we continue to phase our investment with our growth," said Ramesh Murthy, chief accounting officer at Canoo.

"These opportunities to acquire assets at significantly discounted prices have allowed us to further reduce our 2023 capital expenditures and also to improve our guidance by millions of dollars."

The newly purchased assets will be used to drive Canoo's manufacturing strategy. The company said it's focused on scaling manufacturing to make additional customer deliveries in 2024.

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GOEV Price Action: Canoo shares were up 14.7% at $0.2731 at the time of publication, according to Benzinga Pro.

Photo: courtesy of Canoo.