Canoo’s Oklahoma City Manufacturing Facility Approved as Foreign Trade Zone
So if you gambled on my last DD you might have picked up some Canoo shares as a legit moon shot play. The 23-1 stock split was a big punch to the ribs, but today, GOEV is up ~70%-ish on news that their manufacturing facility in OK has gotten approval to be a Foreign Trade Zone (FTZ). This effectively make GOEV the largest FTZ in Oklahoma, which isn't saying much because hey, its Oklahoma.
That all being said, shit was getting dicey last week and after the reverse stock split, things were looking bad for GOEV, since it dropped almost 50% on that news. Today however, it pretty much made all that back up, which sets up an interesting earnings play.
On earnings, turns out ToS was lying to me. The real earnings date is April 1. With this big price move and news, that brings more focus onto the earnings call, but it still wont really mean shit because this is a brand new company still building out manufacturing. I don't expect break even until maybe 2026. That all being said, its getting in on a US based EV manufacturer, most of whom have shown many many to one rate of return for early investors, even those whose cars are only powered by gravity. I don't think we're still in that world, and GOEVs vehicles do actually move under their own power, so that's a big plus.
I think this news really mitigates most of the downside risk and I might hope for a price between 5-6$ post earnings. Earnings at this point in their lifecycle is kinda bullshit so grain of salt and all that. But its a calendar event with a specific timeline, so it should move things.
Position is still shares (<1k shares). I'm not betting the farm on these guys, but I think the upside potential is still very strong and that we'll eventually see one of the major manufacturers take a large stake (that's when we'll see a 10x day).
So that's my GOEV DD update. Depending on your timing from my last one, you either are break even or doubled up. But today is a very good day for those holding GOEV.
