Canoo Inc. (GOEV) stock became bullish in the after-hours, gaining 7.06% at $9.25 on December 15. The surge was seen after the company announced its production plan along with a new partnership path.
During the regular session, GOEV stock saw no change, closing at $8.64 with 4.34 million shares volume. Following the new developments, the stock gained $0.61 at an after-hours’ volume of 449.72K shares.
Currently, the 283.63M outstanding shares of the EV manufacturer trade at a market capitalization of $2.06B.
GOEV’s Production Updates
On December 15, the company announced the acceleration of its EV production. Further, the company is also to shift its EV production from Europe to the United States. Moreover, GOEV is set to commence production at its planned facility for Northwest Arkansas in late 2023. In addition, the plan for bringing the Mega Micro factory (Pryor, Oklahoma) online is also on target for late 2023.
Moreover, the company also issued new production guidance and targets for the upcoming years. According to the new plan:
- 3000 – 6000 units from 500-1000, guidance for 2022.
- 14,000 – 17,000 units from 15,000 guidance for 2023
- target of 40,000 – 50,000 units for 2024
- target of 70,000 – 80,000 units for 2025
Canoo and VDL Groep B.V.
Both the companies announced on Wednesday that they are exploring further opportunities for partnership. GOEV ceased its contract manufacturing discussions with VDL Nedcar upon its decision to build in the U.S. Moreover, the CEO of Canoo, Tony Aquila appreciated VDL Nedcar’s efforts for the provision of contract manufacturing options. This decision was taken due to reduced supply chain vulnerabilities, increased speed to market, etc. for production in the U.S. According to the decision, the prepayment of $30.4 million will be returned to GOEV.
Although the company decided against moving forward with VDL Nedcar, GOEV still wants to explore further partnership options with VDL Groep. As underlining of the new relationship, VDL Groep will buy $8.4 million of Canoo’s stock.
GOEV in Numbers
On November 15, the company posted its third-quarter financial results for 2021. In the third quarter of 2021, GOEV incurred a GAAP net loss of $80.9 million, against $23.4 million in the year-ago period. Further, the comprehensive loss was $208.7 million in the third quarter of 2021.
Moreover, the company ended the third quarter with cash and cash equivalents of $141.9 million on September 30, 2021.