Why Canoo Holdings Stock Plummeted on Friday

Electric vehicle (EV) stock Canoo (NASDAQ: GOEV) sank today, plunging 11.4% as of 11:50 a.m. ET. And it wasn't just the broader market sell-off that sent shares of the EV start-up tumbling: Canoo is about to end its only contract manufacturing partnership.

In its latest regulatory filing, Canoo revealed it doesn't expect to sign a definite contract-manufacturing agreement with Netherlands-based VDL Nedcar anymore. The two companies announced a deal in June, under which VDL Nedcar was expected to build 1,000 units of Canoo's first all-electric passenger vehicle, dubbed the Lifestyle Vehicle, in 2022, with a target 15,000 vehicles by 2023.

A Canoo Lifestyle Vehicle. Image source: Canoo.

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Source Fool.com