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Canoo (GOEV) Partners With Red Sea Global to Expand Footprint
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Canoo (GOEV - Free Report) has collaborated with Saudi Arabia’s Red Sea Global ("RSG"), the developer of regenerative tourism destinations, The Red Sea and AMAALA. GOEV’s innovative electric vehicles are slated to be deployed in a pilot program by RSG.
The company’s Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190 and the Bulldog pickup truck will be tested for travel between RSG’s international airport and its resorts, facilities and excursions. The result obtained from the trial will help Canoo customize its zero-emission vehicles to RSG’s use cases and mobility needs.
While GOEV’s premium LV will offer transportation services for guests commuting between Red Sea International Airport (RSI) and various resorts and residential properties, its LDV 190 will move guest luggage items between RSI and the various properties.
Canoo's Bulldog model aligns perfectly with the operational requirements of RSG's experience companies, including Akun, WAMA and Galaxea, facilitating the transfer of guests to their diverse excursions.
The company recently signed a vehicle sales deal with Jazeera Paints, a pioneering paint manufacturer in the Gulf Cooperation Council (“GCC”) and Middle East and North Africa region. Jazeera Paints will initially buy 20 Canoo’s EVs, with an option to expand the fleet by up to 180 units.
This deal serves as GOEV’s pathway to enter into the Saudi Arabian EV market, which has a total addressable market of more than $30 billion. The deal also provides Canoo with a first-mover advantage in the Saudi Arabian market and a competitive edge in the GCC region.
Canoo reported a net loss of $29 million and $302.6 million in the fourth quarter and 2023, which narrowed from $80.2 million and $487.7 million reported in the respective year-ago periods. The EV maker’s cash and cash equivalents fell to $6.4 million as of Dec 31, 2023, from $36.6 million reported at the end of 2022. Per an 8K SEC Filing, it expressed doubts about its ability to continue as a going concern amid a severe cash crunch.
Zacks Rank & Other Key Picks
GOEV currently sports a Zacks Rank #1 (Strong Buy).
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The earnings per share (EPS) estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings suggests year-over-year growth of 10% and 73.6%, respectively. The EPS estimates for 2024 and 2025 have improved $3.58 and $3.26, respectively, in the past 60 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 67 cents and 71 cents, respectively, in the past 60 days.
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Canoo (GOEV) Partners With Red Sea Global to Expand Footprint
Canoo (GOEV - Free Report) has collaborated with Saudi Arabia’s Red Sea Global ("RSG"), the developer of regenerative tourism destinations, The Red Sea and AMAALA. GOEV’s innovative electric vehicles are slated to be deployed in a pilot program by RSG.
The company’s Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190 and the Bulldog pickup truck will be tested for travel between RSG’s international airport and its resorts, facilities and excursions. The result obtained from the trial will help Canoo customize its zero-emission vehicles to RSG’s use cases and mobility needs.
While GOEV’s premium LV will offer transportation services for guests commuting between Red Sea International Airport (RSI) and various resorts and residential properties, its LDV 190 will move guest luggage items between RSI and the various properties.
Canoo's Bulldog model aligns perfectly with the operational requirements of RSG's experience companies, including Akun, WAMA and Galaxea, facilitating the transfer of guests to their diverse excursions.
The company recently signed a vehicle sales deal with Jazeera Paints, a pioneering paint manufacturer in the Gulf Cooperation Council (“GCC”) and Middle East and North Africa region. Jazeera Paints will initially buy 20 Canoo’s EVs, with an option to expand the fleet by up to 180 units.
This deal serves as GOEV’s pathway to enter into the Saudi Arabian EV market, which has a total addressable market of more than $30 billion. The deal also provides Canoo with a first-mover advantage in the Saudi Arabian market and a competitive edge in the GCC region.
Canoo reported a net loss of $29 million and $302.6 million in the fourth quarter and 2023, which narrowed from $80.2 million and $487.7 million reported in the respective year-ago periods. The EV maker’s cash and cash equivalents fell to $6.4 million as of Dec 31, 2023, from $36.6 million reported at the end of 2022. Per an 8K SEC Filing, it expressed doubts about its ability to continue as a going concern amid a severe cash crunch.
Zacks Rank & Other Key Picks
GOEV currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked players in the auto space are Geely Automobile Holdings Limited (GELYY - Free Report) , Toyota Motor Corporation (TM - Free Report) and Allison Transmission Holdings, Inc. (ALSN - Free Report) , each sporting a Zacks Rank #1 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for GELYY’s 2024 sales suggests year-over-year growth of 36.6%. The earnings per share (EPS) estimates for 2024 and 2025 have moved up 34 cents and 54 cents, respectively, in the past 30 days.
The Zacks Consensus Estimate for TM’s 2024 sales and earnings suggests year-over-year growth of 10% and 73.6%, respectively. The EPS estimates for 2024 and 2025 have improved $3.58 and $3.26, respectively, in the past 60 days.
The Zacks Consensus Estimate for ALSN’s 2024 sales and earnings suggests year-over-year growth of 2.1% and 3.2%, respectively. The EPS estimates for 2024 and 2025 have improved 67 cents and 71 cents, respectively, in the past 60 days.