GOEV Stock Recent News

Canoo (GOEV) stock price has collapsed, making it one of the worst-performing electric vehicle companies in the EV industry. It has dropped by over 83% this year, bringing its valuation to about $85 million.

In the closing of the recent trading day, Canoo Inc. (GOEV) stood at $0.99, denoting a +0.26% change from the preceding trading day.

EV startup Canoo has been hit with two new lawsuits from suppliers linked to the drivetrains that power its electric vehicles, just weeks after the company kicked off a major reorganization that included the departure of its chief technology officer.

FTZ activation insulates Canoo from import tariffs and allows for deferments and exemptions as the company expands its global presence The approval of Canoo's FTZ allows other vendors and partners to relocate into Canoo's user-driven site thereby broadening the benefits to Canoo and its partners Effective immediately providing a 5% reduction in BOM costs for imported parts significantly improving margins JUSTIN, Texas, Sept. 19, 2024 (GLOBE NEWSWIRE) --  Canoo Inc. (NASDAQ: GOEV), a high-tech advanced mobility company, announced today that the U.S. Customs and Border Protection (CBP) has officially approved final activation of Canoo's Oklahoma City operations as a Foreign-Trade Zone (FTZ), becoming one of the largest FTZs in the State of Oklahoma.

The latest trading day saw Canoo Inc. (GOEV) settling at $1.05, representing a +0.96% change from its previous close.

The recommendations of Wall Street analysts are often relied on by investors when deciding whether to buy, sell, or hold a stock. Media reports about these brokerage-firm-employed (or sell-side) analysts changing their ratings often affect a stock's price.

JUSTIN, Texas, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (NASDAQ: GOEV), a technology equipment manufacturer specializing in electric cargo vehicles for commercial, government and fleet customers, today announced the company will migrate its engineering workforce to its two Oklahoma locations – Oklahoma City and Pryor and relocate its corporate headquarters to northern Texas.

Electric vehicle stocks had another bad performance in August as most of them published underwhelming financial results. Tesla (TSLA), the OG of the EV industry, has tumbled by over 20% from its highest point in July.

Canoo has seen a significant drop in share price from over $572 to just $1.50, with minimal revenues and significant losses. The company is working on pilot testing its vehicles with hopes of generating meaningful sales in 2024, but revenue estimates have been continually dropping. Canoo's negative working capital balance, high cash burn rate, and reliance on financing from Yorkville raise concerns about continuous dilution and future prospects.

Canoo, Inc. (NASDAQ:GOEV ) Q2 2024 Earnings Conference Call August 14, 2024 5:00 PM ET Company Participants Jon Wolf - VP, IR & Corporate Finance Tony Aquila - Investor, Executive Chairman & CEO Greg Ethridge - CFO Ramesh Murthy - SVP, Finance & Chief Accounting Officer Conference Call Participants Dan Ives - Wedbush Securities Michael Legg - The Benchmark Company Craig Irwin - ROTH MKM Stephen Gengaro - Stifel Amit Dayal - H.C. Wainright Operator Greetings and welcome to the Canoe Second Quarter 2024 Earnings Call.