Canoo (NASDAQ:GOEV) stock has caught meme fire, but there are multiple reasons behind its surge. The most interesting being a rumor that GOEV may be acquired by Apple (NASDAQ:AAPL) to jumpstart Apple’s car efforts.
That isn’t going to happen. Apple isn’t going to buy Canoo.
But that doesn’t mean GOEV stock isn’t a buy. Rather, it’s a screaming buy at current levels even without Apple acquisition interest.
Earlier this year, rumors emerged that Apple held potential acquisition talks with Canoo in 2020 but that such talks had failed. Now, people are speculating that these talks are back on the table.
They probably aren’t.
Apple just hired Canoo’s former CEO Ulrich Kranz to its Apple Car division. Canoo’s then-chairman and now-CEO Tony Aquila forcefully ousted Ulrich, along with his co-founders. And we cannot say for certain, but having followed this situation closely, we believe that relations between Aquila and Kranz are very strained. This makes an acquisition of Canoo by Apple unlikely, unless Apple were to do so with the intent of replacing Aquila and his new management team.
We think that’s unlikely.
The Bottom Line on GOEV Stock
But GOEV stock is great regardless.
Canoo has built a world-class and unique multi-purpose platform (MPP) for vehicles that we believe represents one of the biggest design breakthroughs in the auto market in decades. The low-flor, wide-base MPP allows for the maximization of interior space in a car per square foot of vehicle platform. It basically turns cars into lofts on wheels.
We think this design will have huge value in the delivery and trucking markets. In these markets, storage space is a premium.
It’ll also be favored by big families looking for a car that can fit all the kids, backpacks, soccer balls and snacks.
More importantly, we see the design as being the basis of future self-driving cars. Because in that future, consumers won’t have to drive. The legacy design of cars with a drivers seat will become antiquated. And instead, cars will turn into living rooms on wheels. Canoo’s proprietary and patented MPP is the best platform for building those vehicles.
Long story short, Apple won’t buy Canoo, but you should. GOEV stock is a great long-term play on both the EV and AV markets.
That’s why GOEV stock is one of my favorite growth stocks to buy today.
But it’s just one of my top EV stocks, which represent the cream-of-the-crop when it comes to disruptive technological innovation in electric vehicles. These companies all feature second-to-none management teams and massive long-term potential.
Each of these Next-Generation Mobility stocks could post early-Tesla-like returns, including a secret startup that’s spearheading the self-driving revolution, and a company I consider my EV “sleeper” stock of the decade.
To see my entire lineup of innovative next-generation EV stocks, become a subscriber of Innovation Investor today.
On the date of publication, Luke Lango did not have (either directly or indirectly) any positions in the securities mentioned in this article.
By uncovering early investments in hypergrowth industries, Luke Lango puts you on the ground-floor of world-changing megatrends. It’s the theme of his premiere technology-focused service, Innovation Investor. To see Luke’s entire lineup of innovative cutting-edge stocks, become a subscriber of Innovation Investor today.