canoo-stock-falls-as-new-cfo-named-ahead-of-first-earnings-report

Canoo Stock Falls As New CFO Named Ahead Of First Earnings Report

Business

Canoo (GOEV) reports for the first time after the close as the EV startup looks to kick off ordering for its rival to the Tesla (TSLA) Cybertruck. Canoo stock fell.

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Canoo Earnings

Estimates: One Wall Street analyst expects a net loss of 14 cents a share on sales of $3 million, according to Zacks Investment Research. Canoo came public in December via a reverse merger with a special purpose acquisition company.

Results: Check back later.

Ahead of Q4 earnings, the Los Angeles-based EV manufacturer on Monday announced key leadership changes, including interim CFO Renato Giger, who will take over for the exiting Paul Balciunas. Canoo also named executives in accounting, technology and marketing.

Canoo is developing electric cars, minibuses and commercial vehicles for rental and sharing services. It’s also building an electric pickup truck that is due in 2023.

On March 11, Canoo stock jumped 14% on an announcement of truck orders starting in the second quarter. The bubble-nosed EV, with 600 horsepower and 200-mile range, can convert to a camper vehicle.


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Canoo Stock

Shares lost 4% to 11.91 in Monday’s stock market trading. Canoo stock fell further under the 200-day line after undercutting that key support level last week. Earlier this year, Canoo stock jumped on reports Apple (AAPL) considered investing in or buying Canoo ahead of an Apple Car.

Among other EV stocks, Nio (NIO) lost 2% Monday, after suspending EV production for five days due to the chip shortage. Tesla, whose Cybertruck is due to go into production in late 2021, gave up 3%.

Canoo stock debuted in late December after its SPAC merger closed, and enters a competitive space. Besides Tesla, General Motors (GM) and Ford Motor (F) look to launch electric trucks, in late 2021 and 2022. Among EV startups, Rivian, backed by Amazon (AMZN), aims to start selling its R1T electric truck as soon as June 2021. And Lordstown Motors (RIDE) expects to start producing its Endurance pickup in September.

AutoForecast Solutions estimates that electric trucks will account for 5.7% of North America’s pickup production in 2028. That would be up from about 1% in 2022, according to Reuters.

Find Aparna Narayanan on Twitter at @IBD_Aparna.

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