Is Canoo GOEV undervalued, or fairly valued? Why are other companies worth more?
$Canoo(GOEV.US$ $Tesla(TSLA.US$ $Lucid Group(LCID.US$ $NIO Inc(NIO.US$ I noticed that Canoo $GOEV, a company that specializes in building compact EV vans and pickups, is worth only around 2B today. Compare that to Tesla (1100B), Lucid (63B), NIO (47), etc. Even Nikola (NKLA), the EV company that has literally been proven to be fraud, is worth almost 5B.
So why is Canoo $GOEV worth so little as an EV company? Is it undervalued? I have been exploring undervalued ESG companies and it seems Canoo might be one of them based on its market cap alone compared to others in the same space. They are also the only EV company that has actually pushed up their production timetable. However, they still have not sold any vehicles. They are planning to produce thousands next year though.
What are the arguments for $GOEV being fairly valued? What are the arguments against it?
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Make it Big : Over the past 2 years, I've paid a lot of attention to Canoo. It was over $20 when it was rumoured that Apple was interested in their skateboard tech for the Apple Car. Then, rumours about the Hyundai partnership surfaced and created some hype. Then one of the founders left Canoo and the subscription model was scrapped. The stock price collapsed all the way to the single digit. Then came the Biden usd 1.75 trillion social spending plan and the news of the construction of factory that gave it some hope again and now the spending plan met with resistance, the stock price fell and is trading in single digit again. Hence, as a SPAC with viable products that are not marketed. I think Canoo needs to speed up on launching the EVs to strengthen the value. If not, market shares will be snatched away by other EVs brands.
Ilona : Lots of risks, and the fact that a lot of executives left in the part year. They are also under investigation by the SEC for potentially misleading investors.