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Canoo soars 20% on report that Apple held talks last year with the EV startup on potential investment (GOEV)

Published by Business Insider on Wed, 13 Jan 2021


<p><img src="https://static5.businessinsider.com/image/5fff36b9fe7e140019f7eb85-2400/Canoo_MPDV_Exterior_(8).jpg" border="0" alt="Canoo MPDV" data-mce-source="Canoo" data-mce-caption="Canoo MPDV."></p><p></p><bi-shortcode id="summary-shortcode" data-type="summary-shortcode" class="mceNonEditable" contenteditable="false">Summary List Placement</bi-shortcode><ul><li><strong>Canoo soared as much as 20% after it was revealed that the company held talks with Apple in 2020 about being acquired or receiving an investment from the iPhone maker, according to a report from The Verge.</strong></li><li><strong>The potential deal with Apple ultimately fell apart and Canoo instead went public via a SPAC.</strong></li><li><strong>Apple is reportedly accelerating the internal development of its own internal electric vehicle and could target a release in 2025.</strong></li><li data-stringify-indent="0"><strong data-stringify-type="bold"><a href="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener noreferrer" data-stringify-link="https://newsletter.businessinsider.com/join/4np/10-things-opening-bell" data-sk="tooltip_parent" aria-describedby="sk-tooltip-7452">Sign up here our daily newsletter, 10 Things Before the Opening Bell.</a></strong></li></ul><hr><p><a href="https://markets.businessinsider.com/stocks/goev-stock">Canoo</a> jumped as much as 20% on Wednesday following <a href="https://www.theverge.com/2021/1/12/22225026/apple-canoo-acquisition-investment-electric-car-goev">a report from The Verge</a> that said the electric vehicle startup held talks with <a href="https://markets.businessinsider.com/stocks/aapl-stock">Apple</a> in the first half of 2020 about a potential investment or acquisition.</p><p>Ultimately, the talks surrounding the deal fell apart and Canoo eventually went public via a SPAC. Canoo was more interested in taking an investment from Apple, and Apple was reportedly interested in Canoo's scalable electric vehicle platform, called the "skateboard."</p><p>In a statement to The Verge, Canoo said, "Canoo doesn't openly comment on strategic discussions, relationships or partnerships unless deemed appropriate."</p><p>Apple has been advancing its own internal development of electric vehicles and could target a 2025 release, according to <a href="https://markets.businessinsider.com/news/stocks/apple-stock-price-electric-car-production-battery-technology-report-aapl-2020-12-1029913910">a Reuters report from late last year.</a> Reuters also reported that Apple is working on <a href="https://www.businessinsider.com/apple-and-hyundai-plan-to-collaborate-beta-car-say-reports-2021-1">a "beta" vehicle with Hyundai</a> of South Korea.</p><p>While a deal between Canoo and Apple does not appear imminent, the EV company said in a recent <a href="https://www.sec.gov/Archives/edgar/data/0001750153/000121390020041124/f424b31220_hennessycapacq4.htm#TOC001">SEC filing</a> that it is "currently in discussions with multiple other blue-chip industry participants interested in leveraging Canoo's technologies and engineering expertise for their own commercial products."</p><p><em><strong>Read more:</strong>&nbsp;<a href="https://www.businessinsider.com/stock-picks-micro-caps-strategy-from-fund-manager-darren-chervitz-2021-1'utm_source=markets&amp;utm_medium=ingest'utm_source=markets&amp;utm_medium=ingest" target="_blank" rel="noopener">A former journalist who worked his way up to become one of Wall Street's best tiny-company stock pickers tells us the 4 pillars of the approach that's beating 98% of his competitors</a></em></p><p><img src="https://static1.businessinsider.com/image/5fff3ed2fe7e140019f7ebb1-832/canoo.JPG" border="0" alt="canoo.JPG" data-mce-source="Markets Insider"></p><p><a href="https://markets.businessinsider.com/news/stocks/canoo-stock-price-apple-talks-electric-vehicle-ev-investment-2021-1-1029965834#comments">Join the conversation about this story &#187;</a></p> <p>NOW WATCH: <a href="https://www.businessinsider.com/racist-origins-marijuana-prohibition-legalization-2018-2">The racist origins of marijuana prohibition</a></p>
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