Canoo (NASDAQ:GOEV) shares breathed a fresh leash jumping 12.4% on October 17 and are trading another 6% higher in the pre-market trading session today. Canoo won a big order from work-ready, van rental company Kingbee for 9,300 EVs. Importantly, the order comes with an option to double up to 18,600 vehicles.
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Based in the U.S., Canoo is an engineering electric vehicle (EV) company and a leading high-tech advanced mobility company helping the world’s transition to clean and sustainable energy.
Kingbee plans to deliver Canoo’s Light Duty Vehicle (LDV) as work-ready fleets solutions catering to its small and medium-sized businesses across the U.S. The financial terms of the deal were kept under wraps.
Sharing his views on the order, Canoo CEO Tony Aquila commented, “This order is yet another key milestone as we allocate production capacity for the coming years. New and legacy innovators recognize a need for safety, efficiency, and productivity in their fleet portfolio.”
He further added, “Our LDV has it all in a fully electric multi-generational platform, with market pushing customization, that is made to last and outperform expectations.”
Is GOEV Stock a Good Buy?
According to the Wall Street community, GOEV Stock is a good buy. Overall, the stock commands a Strong Buy consensus rating based on three Buys and one Hold. Canoo stock’s average price target of $8.13 implies a whopping 460.69% upside potential from current levels.
Concluding Thoughts
The company is scheduled to report its Q3 results on November 14. The mega order is a great positive for Canoo stock. It may restore investors’ confidence in the company’s shares that have lost more than 80% of their market capitalization, year-to-date.
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