Sono, Rivian & Canoo: Which firms are leading the EV market race?

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Sono, Rivian & Canoo: Which firms are leading the EV market race?

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 Sono, Rivian & Canoo: Which firms are leading the EV market race?
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Highlights

  • Sono Group N.V. (NASDAQ: SEV) skyrocketed in its stock market debut on Wednesday.

  • Canoo announced plans to relocate its headquarters.

  • Rivian Automotive, Inc. (NASDAQ: RIVN) manufactured 12 R1T vehicles and delivered 11 vehicles as of September 30, 2021

The US stock market has seen a flurry of IPOs lately, including public offerings of electric vehicle companies. Here we explore two EV stocks that made their stock market debut.

Also Read: Canoo stock (GOEV) rally continues; Should you explore it?

Sono Group N.V. (NASDAQ: SEV)

Sono Group N.V. or Sono Motors is a German solar integrated EV-manufacturing company. It is developing a solar car called Sion. The company is based in Munich, Germany.

The company aims to start its vehicle deliveries by 2023. Meanwhile, it has already received bookings for over 16,000 Sion vehicles as of November 5.

The stock was priced at US$32.66 at 2:49 pm ET on November 17, up 118.67% from its previous closing price. The market cap of the company is US$2.38 billion. On Wednesday, the stock saw the highest price of US$33.99 and the lowest price of US$20.06.

As per its SEC filing, the company's operating loss was €23 million (1 Euro is currently about 1.13 USD) for the six months ended on June 30, compared to a loss of €8.9 million a year ago.

Its total comprehensive loss for the period came in at €25.8 million against a loss of €9.8 million in the same period a year ago.

Also Read: Progenity (PROG) stock continues rally, up 21%: Here’s why

 EV stocks to explore in November

Canoo Inc. (NASDAQ: GOEV)

Canoo is an electric vehicle manufacturing startup based in Torrance, California. It plans to deliver its electric minivan next year. In addition, it also has plans to manufacture commercial EVs, like vans, for rentals and ride-hailing services.

Meanwhile, it has announced plans to relocate its research and development center and headquarters to Fayetteville and Bentonville. This move is expected to create about 545 high-paying jobs.

The shares of the company traded at US$10.755 at 3:01 pm ET on November 17, up 2.92% from their previous close. Its stock value decreased by 16.4% YTD.

Also Read: UserTesting IPO: Offering price of USER stock revealed

The firm has a market cap of US$2.45 billion, and a forward P/E one year of -5.53. Its EPS is US$-1.00.

The 52-week highest and lowest stock prices were US$24.90 and US$5.75, respectively. Its trading volume was 20,073,950 on November 16.

The company's total costs and operating expenses were US$107 million in Q3, FY21, compared to US$29.73 million in the year-ago quarter.

Its net loss came in at US$80.87 million, or US$0.35 per share, against a loss of US$23.39 million, or US$0.20 per share in Q3, FY20.

Also Read: Peloton stock (PTON) gets a lift after 23.9 mn share sale offer

Rivian Automotive, Inc. (NASDAQ: RIVN)

Rivian is an electric vehicle manufacturing company based in Irvine, California. The firm has made its stock market debut on November 9. The company started its first EV truck deliveries some two months ago. The stock’s five-day rally came to a halt on Wednesday, wiping out about US$28 billion from its valuation. However, it is still among the top global EV firms.

Also Read: Top e-commerce stocks to explore as consumer confidence rebounds

The stock was priced at US$144.53 at 3:06 pm ET on November 17, down by 15.98% from its previous closing price. The RIVN stock rose 39.86% since November 11.

The market cap of the company is US$123.21 billion. Today, the stock saw the highest price of US$163.00 and the lowest price of US$140.35. Its share volume on November 16 was 94,036,580.

The company had cash and cash equivalents of US$3.65 billion as of June 30, 2021. Meanwhile, for the three months ended on September 30, 2021, the company has produced 12 R1T vehicles and delivered a total of 11 vehicles.

Also Read: Sono Motors IPO: How to buy shares of the German EV maker

Bottomline

The EV sector is expected to grow rapidly pace in the next few years. It is because countries like the US, China, and many others in Europe are increasing their spending in the sector to fight climate change. However, investors should evaluate the companies closely before investing in stocks.

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