Canoo (NASDAQ:GOEV) stock is falling hard on Tuesday after the electric vehicle (EV) company’s earnings report and conference call for the fourth quarter of 2020.

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Let’s take a look at what has GOEV investors riled up today.

• The biggest news comes from the company’s recent call with investors.
• In that call, Canoo chairman Tony Aquila revealed some changes in how the company plans to move forward with business.
• Aquila says that Canoo is now focusing on creating EVs for fleets and small businesses.
• It’s been working toward this with three vehicle efforts.
• This has it developing an electric delivery truck, pickup truck, and van.
• This is a stark change compared to the previous plans that would have it developing EVs for customers.
• The goal was to have thee available for use via a subscription service.
• Canoo was also previously working with other companies to help them develop their own EVs.
• However, it looks like those plans are no longer in place.

• That includes an agreement with Hyundai (OTCMKTS:HYMTF), as well as other auto companies.
• Aquila says that these deals were announced by previous leaders at the company too soon.
• He also said that previous management was more aggressive than him.
• Instead, he wants to be more careful with the company’s development plans.
• To go along with this news, the company’s Q4 earnings include no revenue as research and development costs continue to rise higher.
• However, one positive is losses per share narrowing to 8 cents from 57 cents in Q4 2019.
• That also beat out Wall Street’s losses per share estimate of 14 cents for the quarter.
• Today’s news has GOEV stock experiencing heavy trading.
• That’s resulted in more than 21 million shares changing hands.
• For some perspective, the stock’s daily average trading volume is about 5.7 million shares.

GOEV stock was down 19.6% as of Tuesday afternoon.

Canoo is among other EV companies making headlines recently.

Quite a few other companies in the EV space are seeing strong movement for their shares. That includes the likes of Churchill Capital IV (NYSE:CCIV), Nio (NYSE:NIO), Xpeng (NYSE:XPEV), and others. Investors can learn more below.

More EV News

• CCIV Stock: 5 Churchill Capital Tweets as Shares Pop Into Green Territory
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• Chinese EV Stocks: Why LI, XPEV and NIO Stocks Are Down

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article.