Canoo (GOEV) should be on your watchlist

Canoo (GOEV) is a Los Angeles-based company that has developed breakthrough electric vehicles, with over 300 employees from leading technology and automotive companies. Their unique selling point is a modular platform purpose-built to deliver maximum vehicle interior space and adaptable to support a wide range of vehicle applications for consumers and businesses. This ‘skateboard’ platform is largely what drew Apple’s interest.

The platform is different from ones developed by other startups and larger automakers because it integrates more of the car’s electronics, allowing for greater flexibility in cabin design. It also features steer-by-wire technology, which also increases design flexibility and is not yet widely adopted in the industry.

Canoo is bringing its first vehicle to market next year with its electric microbus/van available at a base price of $34,750 before tax incentives or add-ons. It’s now taking preorders in the United States for the “lifestyle” vehicle, as well as for its round-top pickup truck and multi-purpose delivery van. Canoo is taking a different route than many other electric vehicle manufacturers, which played a role in the interest from Apple and Hyundai.

Canoo’s trio of vehicles all have the same proprietary “skateboard” platform architecture that houses the batteries and electric drivetrain in a chassis that sits under the vehicle’s cabin. This contributes to a similar design language between the vehicles, which all have the same wide front windshield and relatively low profile.

Upcoming catalysts

  1. Upcoming investor day this Thursday (June 17th), which will be a ‘hybrid in-person and virtual journey into Canoo’s product portfolio and business strategy.’ 
  2. Canoo is being added to the Russel 3000 index, meaning that the stock along with other additions could be expected to ‘trade more than their average daily volume in the Nasdaq Closing Cross on June 25, and some will trade an entire week’s volume on “Russell Friday”.’

On a final note, this is not financial advice so please don’t treat it as such – do your own due diligence, read your own news, study their financials and evaluate multiple perspectives (bullish and bearish) to see what others are saying. Don’t invest money you’re not willing to lose, and do so at your own risk.