Canoo (Nasdaq: GOEV), a company manufacturing breakthrough electric vehicles (EVs), and AVL today announced a partnership to develop, test and validate Advanced Driver Assistance Systems (ADAS) software for Canoo's Lifestyle Vehicle.
Names in the electric vehicle sector sometimes move as a group, but three stocks that are doing their own thing today are Nio (NYSE: NIO), Nikola (NASDAQ: NKLA), and Canoo (NASDAQ: GOEV). As of 11:30 a.m. EDT, Nio shares were about 2% higher, while Nikola shares were up nearly 5%. Canoo's move makes sense.
Amid an unclear revenue generation path, mounting expenses, and high competition, Canoo (GOEV) seems to be a speculative stock. So, don't give in to the temptation of buying the stock amid the meme madness.