Electric-vehicle start-up Canoo (GOEV) - Get Canoo Inc. Report roared higher Wednesday, after a report that Apple (AAPL) - Get Apple Inc. Report and Canoo discussed cooperation in the EV market last year, even though the talks fell apart.
Apple held meetings with Canoo in the first half of 2020 as part of the tech giant's secretive effort to advance its own electric vehicle project, three knowledgeable sources told The Verge.
“Canoo’s scalable electric vehicle platform, or ‘skateboard,’ is largely what drew Apple’s interest, the people said,” according to The Verge.
“The platform is different from ones developed by other startups and larger automakers because it integrates more of the car’s electronics, allowing for greater flexibility in cabin design. It also features steer-by-wire technology, which also increases design flexibility and is not yet widely adopted in the industry,” the Verge noted.
But Canoo’s aim was an investment from Apple, two of the sources said.
Canoo recently traded at $19.53, up 16.83%, and has jumped 93% over the past 12 months amid investor mania for EV-related stocks. Apple shares were up 2.04% to $131.43 on Wednesday.
Meanwhile, fuel-cell stocks, such as Plug Power (PLUG) - Get Plug Power Inc. Report and Ballard (BLDP) - Get Ballard Power Systems Inc. Report, continued their surge Wednesday after news of a partnership between Plug Power and Renault for hydrogen-powered vans in Europe. The companies agreed to create a 50-50 joint venture focused on vehicle systems based on hydrogen fuel cells.
In addition, Truist initiated coverage of Plug Power Tuesday with a buy rating and a $60 price target.