Why Canoo Stock Bumped Higher on Tuesday
It was a "rising tide lifts all boats," situation for numerous electric vehicle (EV) stocks on Tuesday. Very encouraging sales figures from an ostensibly struggling big economy overseas revved investor interest in the sector higher.
One beneficiary was specialty manufacturer Canoo (NASDAQ: GOEV), which saw its share price grow by almost 1% across the course of the trading day.
The big boat, or rather car, leading the bull motorcade was perennial No. 1 Tesla.
The China Passenger Car Association reported that the bellwether EV maker sold 84,159 of its domestically produced cars in the massive Asian country in August. That was a robust 9% higher than the same month of 2022.