EduInvesting.in | May 9, 2025
Every few years, Wall Street gets a new toy — a scrappy little EV company with big dreams, flashy prototypes, and just enough funding to make Elon Musk squint.
Today’s contestant:
Canoo Inc. (NASDAQ: GOEV)
Current price? Around $5.
Current hype level? Somewhere between “underdog darling” and “dumpster fire in a charging station.”
But wait — this humble EV maker has rebounded over 250% from its 2024 lows, and it’s not just retail traders pumping it anymore. Even the US military wants a ride.
So, is Canoo the next Tesla or the next “Toys ‘R’ Us on wheels”?
Let’s plug in and find out.
🚐 What Even Is a Canoo?
Canoo is not a ride-hailing app. It’s not a cryptocurrency. It’s a company building space-age electric vehicles that look like they were designed in The Sims.
Their signature product?
The Canoo Lifestyle Vehicle — a futuristic van that looks like a toaster mated with a spaceship.
But don’t be fooled by the weird looks. This EV is:
- Modular
- Spacious
- Designed for urban utility and fleet services
Basically, it’s what Amazon vans want to be when they grow up.
📉 From Hype to Hopelessness… to Hope Again?
Canoo went public via SPAC in 2020. Like every SPAC baby, it soared and then faceplanted into the EV graveyard alongside Lordstown Motors, Nikola, and That One Company Your Uncle Keeps Recommending.
Here’s a quick timeline:
- 2020: IPO via SPAC. Valued like it had already built 10 million cars.
- 2021–22: Reality hits. No mass production. Investors abandon ship.
- 2023: Shares crash to under $1. (Yes, one dollar.)
- 2024–25: Rebound begins. Military contracts, Walmart partnerships, and first deliveries spark life.
Today? It’s crawling back at $5, with some actual momentum behind it.
🔋 Why the Hype Isn’t Entirely Crazy
Yes, Canoo still has a ways to go. But the tailwinds are legit:
✅ 1. U.S. Army Contract
In late 2023, Canoo delivered its first Light Tactical Vehicle (LTV) to the U.S. Department of Defense.
Nothing screams credibility like your customer showing up in camouflage.
✅ 2. NASA Wants In
Canoo’s EVs will transport astronauts to the launchpad for Artemis missions.
From SpaceX to Space-van-X — that’s one hell of a marketing pitch.
✅ 3. Walmart Deal
In 2022, Walmart pre-ordered 4,500 Canoo vans — with potential to increase to 10,000. That’s not just big; that’s “my warehouse needs a second warehouse” big.
📊 The Numbers (Spoiler: They’re… Improving?)
| Metric | Value (Q1 2025 est.) |
|---|---|
| Market Cap | ~$2.5 Billion |
| 2024 Revenue | ~$80 Million (vs ~$0 in 2022) |
| Net Loss | Still large, but narrowing |
| Vehicles Delivered (2024) | 3,000+ |
| Stock Price 2023 Low | $1.30 |
| Current Price | ~$5 |
That’s a 285% rebound from the lows. And for once, it’s not just Reddit powering it.
😬 The Bear Case: Plenty of Potholes
Look, we’re not saying Canoo is the second coming of Tesla. There are… issues:
- Production is still small-scale.
Tesla built 1.8 million cars last year. Canoo? Barely 3,000. - Cash burn remains intense.
If this company were a candle, it’d be a bonfire. - SPAC baggage.
The market still has PTSD from all the EV SPAC disasters of 2021. - Competition.
Rivian, Ford, GM, and even VinFast are battling for the same fleet customers.
🕵️♂️ So Why Is Wall Street Circling Back?
Two reasons:
- Execution is finally happening. This isn’t just vaporware anymore — it’s wheels-on-the-road.
- Government contracts = validation. If the Pentagon and NASA trust you, retail investors will, too. Eventually.
🚀 Could It 10x From Here?
Canoo is currently valued at ~$2.5B. Tesla is… well, a trillion. Even if Canoo becomes 1% of Tesla, that’s a $10B valuation — or a $20 stock.
Doable? Maybe.
Likely? Only if they ramp production fast, control costs, and keep those sweet government orders rolling in.
But in the EV world, crazier things have happened.
Remember when people thought Tesla was doomed because Elon smoked weed on a podcast? Yeah.
🧠 Final Verdict
| 🚀 Bullish If… | 💀 Bearish If… |
|---|---|
| You believe in EV delivery fleets | You want profits this decade |
| You think gov contracts = trust | You still have Lordstown PTSD |
| You want a speculative moonshot | You hate dilution and cash burn |
| You love weird-looking vehicles | You’re not into science-fiction vans |
Our Take:
Canoo is the stock version of that one weird kid in school who wore lab goggles to class and now builds rockets for NASA.
It might fail spectacularly — or blow your mind five years from now.
Just don’t put your retirement fund in it. But if you’ve got a little “fun money” lying around, Canoo might just deliver.
Literally.
