Written by Cláudio Afonso | [email protected] | LinkedIn | X
On Monday, shares of lifestyle and lifestyle delivery vehicle manufacturer Canoo witnessed a surge of 13.15 percent, closing at $2.41 per share and pushing its market cap to $155.2 million. Earlier today, the company announced the second Saudi partnership in a week.
This surge was prompted by the company’s announcement of 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.
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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.
Canoo‘s Pickup Truck Targets Over 500 Horsepower and 200-Mile Range and is available for Pre-Order in AWD or RWD Mode.
Last week, 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.
In the final quarter of 2023, Canoo initiated its first commercial fleet customer deliveries from its Oklahoma City factory. During that period, the company manufactured 17 vehicles, contributing to a total of 22 units produced throughout the year.
Looking ahead to 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.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
