Canoo Inc. (NASDAQ:GOEV) shares are trading higher Wednesday. Here's what you need to know.
What's Going On: Early this week a report came out that the company recently bolstered its production capabilities with the acquisition of advanced manufacturing assets at its Oklahoma City facility.
Obtained from Arrival Automotive UK Ltd., these assets include state-of-the-art robots and comprehensive production infrastructure aimed at ramping up cabin line production volumes starting in 2025.
This strategic move is expected to streamline Canoo's production processes, leading to reduced lead times, enhanced scalability and lower operational costs per unit.
Canoo's Oklahoma City facility specializes in manufacturing electric cargo vehicles, specifically the LDV130 and LDV190 models. The company maintains a predominantly domestic supply chain, sourcing over 90% of its parts from U.S. or allied nations. Canoo prides itself on employing a skilled American workforce and integrating clean energy solutions into its assembly operations.
What Else: Financially, Canoo reported unexpected results for the last quarter, with an estimated loss per share of 97 cents but an actual loss of $1.13 per share. Revenue estimates were also off, with analysts expecting $1.219 million but actual revenue reported as $0. Looking ahead to the next quarter, analysts anticipate a narrowed loss of 77 cents per share with estimated revenue of $757.67 thousand.
GOEV Price Action: Canoo shares were up by 20.99% at $1.96 at market close Wednesday, according to Benzinga Pro.
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