Canoo soars 20% on report that Apple held talks last year with the EV startup on potential investment
Canoosoared as much as 20% after it was revealed that the company held talks with Applein 2020 about being acquired or receiving an investment from the iPhone maker, according to a report from The Verge.
- The potential deal with Apple ultimately fell apart and Canoo instead went public via a SPAC.
- Apple is reportedly accelerating the internal development of its own internal electric vehicle and could target a release in 2025.
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Canoo jumped as much as 20% on Wednesday following a report from The Verge that said the electric vehicle startup held talks with Apple in the first half of 2020 about a potential investment or acquisition.
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."In a statement to The Verge, Canoo said, "Canoo doesn't openly comment on strategic discussions, relationships or partnerships unless deemed appropriate."
While a deal between Canoo and Apple does not appear imminent, the EV company said in a recent SEC filing 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."Read more: 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
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