Electric-vehicle (EV) maker Canoo (GOEV -1.55%) began trading publicly last December after it closed its merger with a special purpose acquisition company (SPAC). On March 29, the company released its first financial quarterly report since then, and investors hit the shares hard. For the month of March, shares of Canoo fell 29.8%, most of which came on the day after its financial update.
For the year, Canoo reported a net loss of about $90 million, which was about half as much as the company lost in 2019. Canoo has yet to begin producing and selling its products, so losses are expected while it remains in its pre-revenue stage. But even after the stock had lost about 50% over the past 12 months, it was still valued at a market capitalization of more than $3.5 billion prior to the sell-off induced by the earnings report.
Canoo plans to use a single multipurpose "skateboard" platform for several models, including its vanlike lifestyle vehicle, a multipurpose delivery vehicle (MPDV), and a pickup truck that the company recently revealed. It plans to begin selling its lifestyle vehicle next year.
The lifestyle vehicle will have a 250-mile range and capacity for seven seats. Canoo MPDVs will be available in cargo volumes of 200 cubic feet and 450 cubic feet, both of which will have shorter battery range than the lifestyle vehicle. The self-contained platform allows for additional interior or cargo space.
The pickup truck, unveiled earlier in March, is aimed at commercial and recreational uses. Executive chairman Tony Aquila said in a statement: "Our pickup truck is as strong as the toughest trucks out there and is designed to be exponentially more productive. ... We made accessories for people who use trucks -- on the job, weekends, adventure."
Investors aren't quite ready to embrace the potential for the maker of purpose-built EVs. Its shares have continued to slide into April, as the market as a whole rotated away from more-speculative names in the EV sector. Shares are down an additional 5% since the end of March.