Momentum Builds for Canoo Amid Apple Buzz

If you’re a connoisseur of electric-vehicle (EV) stocks, then you’re in for a treat. Not long ago, Canoo (NASDAQ:GOEV) was brought to the market via a special purpose acquisition company (SPAC) known as Hennessy Capital. And today, GOEV stock is available for investors who don’t mind something decidedly off the beaten path.

A Canoo MPDV being loaded with small shipping containers

Source: Canoo media

Canoo is an unusual name for a car company, but it’s fitting since the automaker’s vehicles have a unique look to them. Moreover, Canoo’s vehicles offer a proprietary modular skateboard design.

In other words, GOEV stock isn’t meant for investors who can’t think outside of the box. Canoo is clearly seeking to disrupt the EV industry. That’s a good thing, as it’s a crowded market and companies need to stand out from the rest.

And standing out can have major advantages. Indeed, Canoo’s uniqueness in the industry may have caught the attention of the world’s most famous tech company.

GOEV Stock at a Glance

It wasn’t really that long ago that Hennessy Capital traded on the NASDAQ Exchange under the ticker symbol HCAC. There was no GOEV stock back then because Canoo was still in the pre-deal phase.

At that time, the shares traded at around $10. The stock finally started trading under the ticker symbol GOEV on Dec. 22. By that point, the share price had rocketed above $18.

GOEV stock attained its 52-week high last year at $24.90 before declining to $12.50 in early January. Then came a bull run to $19, followed by a month-end descent to around $15.

Suffice it to say you’ll want to wear a seat belt if you’re going to take a ride with GOEV stock. It’s a high-beta runner that’s known to post some sizable daily price moves.

If you can handle that, then this could be an opportunity to grab some shares of the stock while it’s trading below its peak price.

The Hyundai Connection

As we mentioned, Canoo has proprietary skateboard technology (referring to the undercarriage of the vehicle, not the other kind of skateboard).

This technology could be applied to other manufacturers’ vehicles, not just Canoo’s own electric vehicles.

Thus, Canoo scored a deal with Hyundai (OTCMKTS:HYMTF) to jointly develop an all-electric platform for upcoming Hyundai and Kia vehicles. And, of course, these vehicles will incorporate elements of Canoo’s skateboard design.

Hyundai is committed to investing $52 billion toward electrification technologies through 2025. Moreover, Kia plans to invest $25 billion in electrification and future mobility technologies.

It’s inspiring to witness a small company like Canoo getting hitched with big-time automakers like Hyundai and Kia. Yet, there may be something even bigger in the works.

Talks With Apple?

Not long ago, it was reported that Canoo may be closing in on a contract manufacturing deal with Magna International (NYSE:MGA). Magna is known as an auto-parts giant that’s been active in partnering with other early-stage EV companies.

But that might not even be the biggest thing going on with Canoo right now. In fact, it’s actually been reported that Canoo was engaged in talks with none other than tech behemoth Apple (NASDAQ:AAPL).

Those talks may even involve a possible investment or a takeover. It’s too early to confirm any details on this, but it’s not hard to predict what a confirmation of an Apple-Canoo deal would do to the GOEV stock price.

And by the way, Hyundai is in talks with Apple about building an electric car. The plot is thickening, but the ending of the story could be a game-changing deal for Canoo.

The Takeaway

The Apple deal chatter isn’t the only reason to own GOEV stock, but it’s an interesting factor at play.

Regardless, it’s an exciting time to be invested in Canoo. You just never know what might happen next and how far the GOEV stock price could go.

GOEV stock currently has a “B” rating and a buy recommendation in my Portfolio Grader.

On the date of publication, neither Louis Navellier nor the InvestorPlace Research Staff member primarily responsible for this article held (either directly or indirectly) any positions in the securities mentioned in this article.

Louis Navellier had an unconventional start, as a grad student who accidentally built a market-beating stock system — with returns rivaling even Warren Buffett. In his latest feat, Louis discovered the “Master Key” to profiting from the biggest tech revolution of this (or any) generation. 

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