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Why Canoo Shares Jumped Today

TheMotleyFool

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Why Canoo Shares Jumped Today: https://g.foolcdn.com/editorial/images/737886/canoo_pickuptruck_exteriorstudio_3.jpeg

Shares of electric vehicle (EV) start-up Canoo (NASDAQ: GOEV) spiked one day after fellow start-up Lordstown Motors filed for bankruptcy protection. Investors seem to think one less EV maker in the market could be a big positive for Canoo. Its shares were trading 4.8% higher as of 10:35 a.m. ET today.

Canoo's EV lineup includes a van-like lifestyle vehicle as well as its version of a commercial pickup truck. Lordstown was also focusing on the commercial pickup market, so investors seem to think bad news for Lordstown is good news for Canoo. But that may be aggressive thinking. Canoo has its own financial issues, and is far from getting beyond its own risk of failure.

Source Fool.com

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