The Fundamentals
Canoo(GOEV) is an electric car company, what makes them unique is the modular electric platform that their vehicles are built on. The modular electric platform appears to have all of the necessary equipment on it for the car to be able to run. This allows Canoo to make cars with more interior space as they do not need an engine in the front or back of the car. Their self claimed goal with this is to allow customers and businesses to use their vehicles in many different ways. Canoo is planning to launch its first consumer vehicle in 2022. Canoo is based in Los Angeles, California and they have 350+ employees on their team.
The Management
Tony Aquila.
Tony serves as executive chairman and founded Solera Holdings a successful company that provides risk management, asset protection software, services to the automotive industry and property insurance. He has also served as chairman for multiple other companies including Sportradar Group,Aircraft Performance Group,RocketRoute Limited, global aviation services company, and APG Avionics LLC.
Mark Aikman
Mark Serves as Chief Marketing Officer and he has nearly 20 years of experience including a decade at Daimler AG.
Ulrich Kranz
Ulrich currently serves as CEO, and has worked with the company since 2017 as the company's CTO (chief technical officer). Since 1986 Ulrich has been involved in the car business holding various leadership positions at BMW AG and caused great innovation.
Peter Savagian
Peter Serves as the current CTO and has held multiple different leadership positions at companies including Ampaire, Inc, Electrified Future,Faraday&Future Inc,Sibros Technologies,and General Motors Company. Which are all companies that have to do with automobiles, electric vehicles, or technology closely related to those categories.
A few other positions that can be seen here
Financials
Canoo is a company that has not turned a profit but this most likely is largely due to them not releasing any consumer vehicles. What Canoo has done however is reduce their net loss year over year quite dramatically. In 2019 they had a net loss of $182,360(in thousands) that they were able to reduce to $89,818(in thousands) of net loss in 2020, which is nearly 100 thousand less loss than the previous year, this could have been due to COVID-19. They have also increased their cash/Cash equivalents from 29,507(In thousands) to 702,422(in thousands) which is very good growth.
Concerns
On April 12 2021 according to Yahoo finance: Berman Tabacco has filed a class action lawsuit for violations of the federal securities laws against Canoo Inc.
Yahoo Finance gives more details saying: The complaint alleges that throughout the Class Period, Defendants made materially false and/or misleading statements and failed to disclose that: (1) Canoo had decreased its focus on its plan to sell vehicles to consumers through a subscription model; (2) Canoo would de-emphasize its engineering services business; (3) contrary to prior statements, Canoo did not have partnerships with original equipment manufacturers and no longer engaged in the previously announced partnership with Hyundai; and (4) as a result, Defendants’ statements about its business, operations, and prospects were materially false and misleading and/or lacked reasonable basis at all relevant times.
Canoo had another no revenue Quarter
Canoo’s deal with Hyundai seems to be dead.
My thoughts: I think that while the recent class action Lawsuit may cause some issues for the company Canoo has a unique product that could become popular, has enough cash to run the business for multiple years even if the release is delayed, and has good management that is in touch with the business Canoo is in.
Submitted April 12, 2021 at 08:31PM by young_stock_trader https://ift.tt/3uCRwSe
