Written by Cláudio Afonso | LinkedIn | X
Oklahoma-based Canoo is scheduled to report its second-quarter earnings on Wednesday after the market close. On Monday, the company shared on social media pictures from the three-day partner event at its facility.
“We’re taking a different approach on our Canoo journey and are deeply grateful to our suppliers for joining us at this inaugural three-day event. Your engagement and support inspire us as we work hard to advance our mission and strengthen partnerships for the future of mobility. Together, we’ll build a promising future,” the company wrote on LinkedIn.
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In the photos shared with the post, Canoo showcased factory workers assembling vehicles, partners touring the facility, and CEO Tony Aquilla addressing the attendees.
As the stock nears a new all-time low of $1.45 per share, investors are eagerly awaiting production updates and final order numbers from the EV startup, following several pilot programs announced in recent years — such as the deal with Walmart announced two years ago.
Canoo shares have plummeted 73.47% year-to-date, reflecting concerns over the lack of progress in production and weak demand from fleet customers across the country.
On January 17, CFO Greg Ethridge publicly projected deliveries of 3,000 to 5,000 vehicles for the year. However, as reported by EV, a confidential document filed the same day revealed that the company actually anticipated delivering only “roughly 100 units” of each of its two main models, the LDV130 and LDV190.
In the past month, the stock has continued to decline, falling 41% since mid-July.
Geode, the index fund arm of Fidelity, has published the quarterly update of its portfolio revealing that increased its stake in the EV startup by 150.61% over the last three months.
As of today, and according to Fintel, the company has 113 institutional shareholders holding a total of more than 7.56 million shares.
Geode Capital Management operates independently but is closely integrated with Fidelity Investments, as it oversees a substantial portion of Fidelity’s index and passive investment strategies.
Last week, Fidelity published its updated portfolio as of the end of the second quarter disclosing that has drastically reduced its position in the EV startup across four funds.
Written by Cláudio Afonso | LinkedIn | X
Never Miss an Update on Canoo
The post Canoo Hints at Production Progress as Stock Nears All Time Low first appeared on EV.