Canoo Delivers Electric Vehicles To Zeeba, Progressing Towards 5,450-unit Fleet Agreement
Portfolio Pulse from Anan Ashraf
Canoo Inc. (NASDAQ:GOEV) has begun delivering electric vehicles to Zeeba, fulfilling part of a 5,450-unit fleet agreement from October 2022. Canoo's CEO highlighted the deal's role in commercial fleet electrification, noting Zeeba's revenue growth and client backlog. Despite a Q3 adjusted net loss of $46.1 million, Canoo's stock rose 13.3% on the news, with a slight after-hours decline.
February 01, 2024 | 5:47 am
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Canoo Inc. has delivered EVs to Zeeba, indicating progress on their 5,450-unit agreement. The company's Q3 net loss improved year-over-year, and the stock price increased by 13.3% after the announcement.
The delivery of EVs to Zeeba is a positive development for Canoo, showing execution on a significant contract. This progress, coupled with the year-over-year improvement in net loss, is likely to be viewed positively by investors, as reflected in the stock's rise. The slight after-hours decline does not overshadow the overall positive impact of the news.
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IMPORTANCE 85
RELEVANCE 100