Shares of Canoo (NASDAQ: GOEV) took off Tuesday morning, rising as much as 21.8% by 9:42 a.m. ET before giving up some of those gains. The electric vehicle (EV) stock was still up 10.4% as of 10:25 a.m. ET as investors found a glimmer of hope in its first-quarter earnings report that came out after market close yesterday.

Canoo, which went public in 2020 via a merger with a special purpose acquisition company, is building electric vehicles with a mission to "bring EVs to everyone." The focus is on commercial delivery and lifestyle vehicles for now, built on a multipurpose platform that promises maximum cargo space. As of the end of the fourth quarter, Canoo claimed to have bagged total orders worth $2.8 billion.

Image source: Canoo.

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Source Fool.com