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
