Why Shares of Electric-Vehicle Maker Canoo Jumped This Morning

Shares of Canoo Holdings (NASDAQ: GOEV), a maker of special-purpose electric vehicles (EVs), rose Thursday morning after a report related to a potential new deal in the EV space. The stock was 8.3% higher as of 9:40 a.m. EST today.

Today's report from CNBC said that a deal is near for an Apple (NASDAQ: AAPL) autonomous EV involving Hyundai (OTC: HYMTF) and Kia Motors. The vehicle is to be built at Kia's plant near Atlanta, according to the report. Hyundai owns about one third of Kia.

So what does this have to do with Canoo? The Apple car could be made with Hyundai's EV platform. Canoo and Hyundai announced a partnership last year to develop an EV platform, which would likely use Canoo's proprietary skateboard-platform architecture. 

Continue reading

Source Fool.com