![]() ![]() Workhorse’s business appears to be more focused although its product doesn’t appear to be as innovative as Canoo. Workhorse builds electrically powered delivery and utility vehicles, targeted at last-mile delivery – a segment that should be an ideal application for EVs, given the low maintenance costs and lower range related issues. Canoo projects revenue of close to $330 million in 2022 and is targeting a revenue CAGR of 88% through 2026. In fact, there were reports that Apple and Canoo were in discussions relating to the rumored Apple car late last year. The company is also likely to consider licensing its platform to other OEMs. Canoo is looking to make its first vehicle available via an all-inclusive subscription fee. The company is looking to launch its first lifestyle vehicle in late 2022, following it up with a delivery vehicle in 2023 and a sports vehicle in 2025. This allows the company to build highly customized vehicles that can serve multiple applications. Here’s a bit more about the two companies.Ĭanoo is looking to develop multiple consumer and commercial vehicles, based on its modular “skateboard” platform that integrates batteries into the EV’s chassis. While both companies trade at market caps of around $3.5 to $4 billion and have yet to start commercial deliveries, making them potentially risky bets, we think that Canoo is likely to offer better long-term upside for investors. Workhorse Group (NASDAQ: WKHS) – which is focusing on delivery vehicles, and Canoo (NASDAQ: GOEV), which is looking to cater to the commercial and consumer market, have received a lot of attention, with their stocks up by almost 45% and 20%, respectively, year-to-date. ![]() Want to play growth in the EV market without betting on individual OEMs? Check out our indicative theme of Electric Vehicle Component Supplier Stocks for more details.įollowing Tesla’s big rally last year, investors are warming up to smaller electric vehicle (EV) stocks that recently went public via the SPAC route.
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