Written by Cláudio Afonso | LinkedIn | X
Last January, the electric vehicle (EV) startup Canoo applied for EPA certification for its 2024 lifestyle delivery vehicles (LDV) 130 and 190.
The official document, dated January 17, detailed the specs of both electric models and disclosed that the company internally forecasted to delivery “roughly” 100 units of each model, 200 in total.
In a chapter named “Projected Sales Information (Confidential)”, the company stated that “projected sales are expected to total roughly 100 LDV 130 units and 100 LDV 190 units in total” with “approximately 100 units of the MY24 vehicles will be sold in California”.
However, on the same day of January, Canoo‘s CFO Greg Ethridge participated in a webinar at the Sidoti Microcap Conference where he mentioned that the EV startup was expecting to deliver between three thousand and five thousand vehicles in total.
Currently, the brand’s portfolio includes two lifestyle delivery vehicles (the LDV130 and the LDV190), a Lifestyle Vehicle (LV) and a Multi Purpose delivery vehicle (MPDV)
In the conference, the CFO stated, “The LV [lifestyle vehicle] and the pickup truck are down the line for us. We have..our initial focus, for 2024 and 2025 in units… I think I mentioned that three to five thousand units of expected delivery this year. They are going to be a mix of LDV 130s and LDV 190s that’ll be the lion’s share of the units that are delivered. There will be a handful, probably, of LVs delivered in the back half of this year as well, but offline LVs. Our initial volume production is not set up to do LVs on the main line.
Here’s the video of the response.
Contacted by EV, a Canoo spokesperson said the company “produced 22 and delivered 9” vehicles as of the last earnings call adding that the EV maker also “delivered all 6 USPS vehicles” until then.
When asked about an update on the 2024 annual delivery target of 200 units and about any change on this target, the company declined to comment pointing out to the upcoming earnings call.
Last month, the CFO said the company is “at the stage of production ramp”. Ethridge said that Canoo will, “overtime”, set up “manufacturing in international locations” besides its manufacturing plant in Oklahoma, United States.
Year to date, the stock registered a loss of about 55 percent, according to data from MarketWatch.
On Wednesday, Canoo announced that it issued substantial stock grants to seven members of its Board of Directors as part of the company’s 2020 Equity Incentive Plan, according to SEC Form 4 filings.
The company’s Board of Directors, including the Lead Independent Director and six other Directors reported the acquisition of 92,765 restricted stock units (RSUs) each.
These RSUs were granted as part of Canoo’s annual equity awards to its directors and will fully vest on either July 15, 2025, or the company’s 2025 annual meeting, as long as the directors remain in service.
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The reported amounts also reflect adjustments from the company’s 1-for-23 reverse stock split, executed in early March.
Earlier this month, Canoo also granted stock awards to three top executives as part of its equity incentive program. Chief Financial Officer Greg Ethridge was awarded 126,500 shares, while Hector Ruiz and Ramesh Murthy, Senior Vice President and Chief Accounting Officer, received 180,000 shares each.
Last week, Canoo announced an agreement with the logistics company Go2 Delivery for the purchase of five commercial delivery vans with the option to include up to additional 85 vans.
Written by Cláudio Afonso | LinkedIn | X
NEVER MISS AN UPDATE
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