Canoo

[Jake]

The USPS just bought nearly 10,000 EV's from Ford.

The new Mercedes eSprinter is made in Charleston, SC.

Would have been nice for the state to land a car manufacturer that has a feasible chance of existing for longer than 2 years from now.

[Pete]

Amazon has already bought 100,000 delivery vans from Rivian. Ram now has a good EV delivery van.

All these vehicles I've mentioned have variants that include high-profile configurations which allow a driver to stand up in the cargo hold. Canoo doesn't have anything like this.

So, what is the market niche for Canoo? It's very hard to see one.

[jedicurt]

i did just see my first canoo van on I-40 coming back from lunch today. i didn't get a chance to take a picture since i was driving. but have now seen one in the wild

[Prunesmoothie]

https://finance.yahoo.com/news/canoo...100000353.html

stock price up around $1 this morning

[OkieBerto]

Amazon has already bought 100,000 delivery vans from Rivian. Ram now has a good EV delivery van.

All these vehicles I've mentioned have variants that include high-profile configurations which allow a driver to stand up in the cargo hold. Canoo doesn't have anything like this.

So, what is the market niche for Canoo? It's very hard to see one.

Their website is trying to get people to pre-order their own version of the delivery van with customizable options.
EV Multipurpose Delivery Vehicle

[Pete]

Their website is trying to get people to pre-order their own version of the delivery van with customizable options.
EV Multipurpose Delivery Vehicle

Cool, thanks.

I would love to see them make it, I just think they are just way behind all of the already entrenched and trusted car companies.

[shavethewhales]

https://finance.yahoo.com/news/canoo...100000353.html

stock price up around $1 this morning

It's pretty weird seeing which bits of news will move this stock... I have a feeling it will go back down just as fast, per usual. Funnily enough it doesn't usually move this good on news that is far more substantial and positive. Maybe it's because this was less expected?

[UrbanistPoke]

Cool, thanks.

I would love to see them make it, I just think they are just way behind all of the already entrenched and trusted car companies.

They have a window of opportunity that is fast closing. Volvo is also working on a van and as you and other mentioned there's others working on and producing delivery capable vans, etc.

I personally think Canoo's product is far more user friendly and design wise works better than even Rivian's van. However, they've got to get it together and sooner than later or they will have no chance of getting significant market share. Walmart, USPS, etc. will only wait for so long before they find others with better production capacity.

[Pete]

Remember in these corporations that buy big delivery fleets, there are managers who are putting their careers on the line.

If you were one of them, would you commit to buying thousands of vehicles from a completely unproven company while similar EV manufacturers are dropping like flies?

At least with Rivian (let alone MB, Ram, Ford, Hyundai) they have thousands of units already making deliveries. If Canoo had come to market a few years ago, that would be another matter, but they look like they are still at least a couple of years out.

[FighttheGoodFight]

Stock still pretty high at 3.49 but earnings come out 4/1. I don't see that making the stock go up any. Time for some puts.

[Prunesmoothie]

Did anyone read the article I posted? “Canoo’s Oklahoma City Manufacturing Facility Approved as Foreign Trade Zone”….

[mugofbeer]

Yes, it's likely a big reason the stock price jumped.

[Anonymous.]

Full-2024 revenue guidance is only $50-$100MM. Not looking good.

[FighttheGoodFight]

Ya they are dead in the water in a year.

[BB+1]

They don't have enough cash on hand to sustain operations for the next 12 months.

[Soonerinfiniti]

Interesting article about Canon and their private jet usage....

https://techcrunch.com/2024/04/01/ca...e-jet-in-2023/

[SoonerDave]

Ya they are dead in the water in a year.

I don't think it will last *that* long.

[FighttheGoodFight]

I don't think it will last *that* long.

Ya I think you are right. Fidelity has a pretty poor outlook. I am assuming the reverse split was to stay on the exchange but not much left if they get taken of the NASDAQ

[shavethewhales]

The narrow window they had is very quickly closing, and if they are playing around in the background with private jets then I guess it was all a ruse anyway. They need to put up or shut up in the biggest way. Nothing left to do at this point except actually produce some damn cars.

It may not matter much anyway even if they did lurch into heavy production - the market is shifting and cheaper EVs are quickly approaching the market from established players. Canoo is about to be a day late and a dollar short.

[Pete]

Don't forget the CEO is the one who bought the property and is leasing it back to the company after getting a sweetheart deal from the state.

As is often the case, a few people at the top will make out like bandits while investors lose everything.

[TheTravellers]

Don't forget the CEO is the one who bought the property and is leasing it back to the company after getting a sweetheart deal from the state.

As is often the case, a few people at the top will make out like bandits while investors lose everything.

And he also owns the private jet company they use.

[jn1780]

I hope the State of Oklahoma didn't buy the extended warranty on those few vehicles they purchased. May not be a company left to work on those vans. I guess the same thing goes with NASA.

[Uncultured Swine]

I am in an industry that supports manufacturing. We have been inside the Canoo plant several times, since opening. There is literally NOTHING going on. Almost all assembly line production has halted. There are many high salary positions (engineering/maintenance/safety) employees that are literally being handed mops and brooms, just to stay productive while still getting a paycheck.

[Jeremy Martin]

Any idea why the line has stopped?

[Midtowner]

Any idea why the line has stopped?

Likely because it appears Canoo has given up on any notions of being a going concern and now exist only to bill the investors and the state out of money. Building cars and tooling up would cost money —and executives could just pocket that money instead.