Why Electric Vehicle Stock Canoo Zoomed Ahead Today
Wednesday was a generally good day for electric vehicle (EV) makers, on the back of pronouncements from its most high-profile executive. Happily for EV maker Canoo (NASDAQ: GOEV), this came just after the company reported an encouraging set of quarterly results. Investors traded Canoo stock nearly 6% higher, trouncing the 1.2% gain of the S 500 index on the day.
Said executive is, it nearly goes without saying, honcho Elon Musk. Tuesday night, he took the stage at the EV manufacturer's annual meeting, expressing confidence in the future despite what he believes will be a tougher macroeconomic environment.
When Musk speaks, the EV world listens, and his bullish outlook in the face of potential economic challenges was heartening to many investors. Canoo isn't directly comparable with Tesla, as it concentrates on different product categories, yet it's sure to benefit from higher EV take-up if it plays its cards right.
Source Fool.com
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