Short squeeze action was no doubt in play then and may be bubbling again.Īpproximately 14% of Canoo’s float is held short. Does this foretell an even bigger volume this week? It was the most the stock had seen since last summer when it spiked to $5.00 on the Walmart news. In the end, 189 million GOEV shares exchanged hands on a quiet summer Friday. Many were probably spooked into purchasing shares to prevent bigger losses should Friday’s shifted tide turn into a monsoon. The one-two bullish news punch may have proved too much to bear for Canoo bears. In all likelihood, much of Friday’s 27% jump was the result of short sellers covering their positions. The cumulative net loss and persistent lack of revenue have led investors to lose patience and dump the stock over the last couple of years. The company raised approximately $150 million during the first quarter of 2023 but exited the period with a tenuous $6.7 million cash position.Īlthough it posted a narrower Q1 net loss, the EV challenger continues to build up big losses. The company has still yet to book any revenue and has warned investors of the need to raise more funds to support a planned 2024 ramp.Ĭanoo is targeting a 20,000-unit run rate this year and hopes to double that in 2024. Fleet management groups Zeeba Automotive and Kingbee have signed deals to take on a combined 12,300 Canoo EVs.ĭespite the positive order flow, however, Canoo’s production and delivery numbers have been far from electric. Last year, Walmart agreed to purchase 4,500 Canoo EDVs to support its growing e-commerce business. Meanwhile, Canoo’s electric delivery vehicles (EDVs) are gaining traction with environment-minded fleet operators. The bold, Lego-like lifestyle vehicle and pickup truck are both currently available for pre-order. Although its initial thrust is the commercial EV space, it is also moving forward with passenger EVs for consumers that have unusual needs and tastes. What Is Canoo’s Growth Outlook?Ĭanoo is developing a range of purpose-built electric vehicles based on its unique modular platform. While the drive to the launchpad is less than 10 miles, the news drove Canoo shares 27% higher to $0.71 on Friday. The 10-day Artemis II expedition is expected to be the first manned mission in NASA’s plan to inhabit the moon long-term for deep space exploration. NASA’s Kennedy Space Center in Florida will use the Crew Transportation Vehicles (CTVs) to transport astronauts to the Artemis launchpad for lunar missions. The DOD news set the stage for even bigger news two days later when Canoo delivered three new electric vans to the National Aeronautics and Space Administration (NASA). military branches is a bullish development for Canoo because it validates its commercial EV capabilities. Canoo has already supplied a light tactical vehicle (LTV) to the U.S. Navy’s increased use of energy dense lithium batteries. If this next phase of the collaboration is successful, it could set the stage for the U.S. The collaboration comes after the DIU spent several months testing Canoo’s proprietary battery technology. Instead, Canoo announced that the DOD’s Defense Innovation Unit (DIU) will work with it to develop a high-powered battery pack for potential military operations. Department of Defense - but not around EV purchases. Last week, the company was buoyed by news of an expanded partnership with the U.S. In July 2023 though, Canoo is moving upstream fast. Last month, shares of the California-based EV longshot slipped to a record low of $0.41, extending a dreadful reversal from nearly $25.00. (NYSE: GOEV) has mostly gone against the tide. In what’s been a strong recovery year for electric vehicle (EV) makers, Canoo Inc.
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