GOEV Stock News: Canoo Inc rises as EV sector rallies without Tesla

NASDAQ:GOEV extended its mini win streak to three straight sessions as the EV startup rose higher alongside the late-day broader market rally. On Monday, shares of GOEV gained 4.65% and closed the trading day at $5.18. US Markets saw a major reversal on Monday after starting the session deep in the red once again. The Dow Jones saw a 700 basis point rally, while the S&P 500 and NASDAQ closed the day higher by 0.57% and 1.29% respectively.

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News that rocked not just the EV sector but the business world in general came late in Monday's session. Tesla (NASDAQ:TSLA) CEO Elon Musk saw his bid to acquire social media platform Twitter (NYSE:TWTR) approved by the Board of Directors. The deal is for $44 billion, and Twitter shareholders will receive the amount of $54.20 per share in cash. After the announcement was made official, shares of Tesla saw a sudden decline to $975, before closing the session down 0.70% at $998.02. There has been some concern from Tesla shareholders that with the acquisition of Twitter, Musk’s plate will be even fuller than it was before. Musk already splits his time between his other companies like SpaceX and the Boring Company as well.

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A couple of legacy automakers have been stepping up their production to catch up with other EV makers. Ford (NYSE:F) recently announced it is increasing its production of its F-150 Lightning model in an attempt to corner the EV pickup truck market. Meanwhile General Motors (NYSE:GM) announced the newest addition to its EV lineup, an electric version of the classic Chevrolet Corvette.