Why Shares of Canoo Are Driving Higher Today
With competition ramping up over the past few years, the electric vehicle (EV) landscape has become a virtual battlefield. Canoo (NASDAQ: GOEV), however, has taken a major step toward appearing on actual battlefields. The company announced today that it has delivered a vehicle to the U.S. Army for testing, and investors are cheering.
As of 11:11 a.m. ET on Thursday, shares of Canoo are up 4.9%, falling from their earlier climb of 11.2%.
With Canoo delivering its new light tactical vehicle (LTV) to the Army, the company is fulfilling a contract it inked in July to provide an EV capable of use in extreme environments and with stealth technology, for analysis and demonstration.
Source Fool.com
