Written by Cláudio Afonso | [email protected] | LinkedIn | X
On Tuesday morning, shares of electric vehicle (EV) manufacturer Canoo soared by more than 25 percent to reach $3.13 per share, pushing its market capitalization beyond $200 million.
The stock, which has experienced a notable decline since mid-2022, has drawn investor interest for insights into Canoo’s production and delivery capabilities. In early March, the EV startup executed a 1 for 23 reverse stock split with the goal of appealing to a wider range of investors.
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Canoo‘s CFO Greg Ethridge was officially confirmed this Tuesday as a panelist for the discussion titled “Is There Really a Market for Electrifying Everything?” at the Electrify Expo in California scheduled for the end of May.
Canoo recently announced a partnership with Red Sea Global to conduct trials on three models, namely Canoo‘s Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190, and the Bulldog pickup truck. These trials aim to facilitate transportation of visitors between Saudi Arabia’s international airport, resorts, and excursions — the company said in a statement.
In 2024, Canoo expects annual revenue in the range of $50 million to $100 million, a wide range that stands below the analyst consensus of $152.52 million.
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Last week, the company inked a deal with Jazeera Paints for a electric vehicle deal in Saudi Arabia. Jazeera Paints will initially purchase 20 EVs (LDV 130 and LDV 190 ), with the potential for 160 more, marking the entrance of Canoo into the $30 billion Saudi EV market.
Recently, Canoo published its Q4 2023 earnings report, disclosing a net loss of $29.0 million for the quarter and a cumulative loss of $302.6 million for the year.
Canoo initiated its first commercial fleet customer deliveries in the last quarter of 2023 from its Oklahoma City factory. During that period, the company manufactured 17 vehicles, contributing to a total of 22 units produced throughout the year.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
