Shares of Canoo (NASDAQ: GOEV) joined the big jump in many technology and electric vehicle stocks this morning after it reported its third-quarter update last night. But the early jump of nearly 13% didn't hold. As of 2:45 p.m. ET, Canoo shares held onto a gain of 2.6%. 

In addition to its quarterly update, the maker of electric lifestyle and work vehicles announced it had entered into an agreement to purchase a vehicle manufacturing plant in Oklahoma City, Oklahoma. That, along with some positive developments for the business, may have prompted the initial spike in the stock today. But Canoo is still not bringing in any revenue, let alone earning profits. 

Since the start of the third quarter, Canoo has announced several agreements for its commercial vehicles. Those included a non-binding order for 4,500 vehicles from Walmart as well as binding orders for more than 12,000 vehicles from a work-ready van rental provider and a national fleet leasing company. And the company said its newly acquired manufacturing facility will be "equipped to ramp to a 20,000 unit annual run rate by the end of 2023." 

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Source Fool.com