Is Canoo Stock a Buy?
Canoo (NASDAQ: GOEV) has huge ambitions of becoming an electric vehicle manufacturer. So far, there's more ambition than business. In fairness, though, the company did achieve an important milestone in the third quarter. It generated revenue. Here's why that's not nearly enough to make this stock worth buying today.
It isn't easy building a car company from scratch. It gets extra complicated when you add in that Canoo is looking to make electric vehicles, a newer technology than the combustion engines that power the vast majority of the world's cars and trucks. That the company is now staffing up a manufacturing facility in Oklahoma is a statement to what it has achieved. So, too, is the fact that it reported $519,000 in revenue in the third quarter.
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Source Fool.com
