After completing a merger with special purchase acquisition company Hennessy Capital Acquisition, Canoo stock began trading on the Nasdaq.
The company specializes in cars, minibuses and commercial vehicles for rental and sharing services. Last week, it unveiled delivery van models that will go into limited production in 2022, with commercial production and rollout seen in 2023. The cost of Canoo’s multipurpose delivery vehicle starts at $33,000.
Canoo has also teased an electric pickup truck in the future.
The Los Angeles-based company pairs different cabins or “top hats” with its EV platform to create a variety of vehicles. Canoo says they could be produced in under 18 months.
“Canoo’s highly modular approach will facilitate efficient production at scale and enable the rapid development of vehicles serving different markets and consumer segments at reduced cost, driven by research and development,” the company said.
Shares initially surged but turned lower to close down 3.1% at 18.89 on the stock market today. Roth Capital Partners initiated coverage of Canoo stock with a 30 price target.
Lordstown Stock Up On Endurance Orders
Meanwhile, Lordstown stock gapped up 6% to 20.52 after it said it has 80,000 reservations for its Endurance electric pickup truck so far. The company also says it remains on track to begin production of Endurance in September of 2021.
That’s a large order for an EV startup. By comparison, Fisker (FSR) recently announced it had orders for 10,000 of its Ocean SUVs. Leading EV maker Tesla says it has taken hundreds of thousands of orders for its Cybertruck.
Lordstown stock punched through its 50-day line, according to MarketSmith chart analysis. Shares declined sharply from an intraday high of $30.75 on Nov. 24. Its relative strength line also fell over the last month, but is now trending higher. Lordstown has an RS Rating of 74.
Follow Adelia Cellini Linecker on Twitter @IBD_Adelia.
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