![]() It has yet to begin producing and selling its products, so losses are expected while it remains in its pre-revenue stage. It plans to begin selling its lifestyle vehicle next year. In addition, the company said it is seeking to raise more capital to fund its start-up plans.Ĭanoo plans to produce a van-like lifestyle vehicle, a multipurpose delivery vehicle (MPDV), and a pickup truck. ![]() The company said that production will in fact begin on schedule in the fourth quarter of 2021, but volume this year would be "at best" 50% of previous estimates. Lordstown's recent first-quarter release didn't do much to quell nervous investors, either. Lordstown Motors has also received much criticism after a short-seller report questioned the validity of its orders and its production timeline. Workhorse also reported its first-quarter 2021 financial update in May and missed expectations on sales with just six trucks delivered. Postal Service contract to replace its mail delivery fleet with new energy vehicles. Workhorse Group was hit especially hard when it lost a bid for a 10-year U.S. But it also likely has to do with progress apparently being made between President Joe Biden and Republican negotiators for an infrastructure spending plan. Today's gains may be signaling the shares have dropped enough for speculative investors to jump back in. Shares of these electric vehicle companies are down for specific reasons, but also as the market rotated from high-growth names to more cyclical and value-oriented stocks. The gains are still barely making a dent in recovering the losses seen so far this year: Workhorse Group ( WKHS 0.33%) and Lordstown Motors ( RIDE 0.85%) were both more than 18% higher, and shares of Canoo ( GOEV -0.36%) had risen 9% as of 3:45 p.m. Companies in the electric vehicle (EV) sector are reaping the benefits, with three EV stocks that have been beaten down so far in 2021 gaining today. The market is experiencing a bit of a reversal away from value names in sectors like materials and industrials, and back into growth names today.
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