Canoo (ticker: GOEV), an EV start-up, is on the rise as it announces the delivery of three all-electric crew transport vehicles to NASA. These innovative vehicles will play a crucial role in carrying astronauts to rockets that will take them to the moon.
Canoo CEO, Tony Aquila, expressed his excitement about being involved in the Artemis missions and delivering NASA’s first zero-emission crew transportation vehicles designed specifically for these important missions. Aquila stated, “It’s a very proud day for Canoo and all of our partners who worked tirelessly to ensure our vehicles transport the astronauts for the first nine miles of every launch.”
Despite the positive news, Canoo stock has faced challenges in recent times. The stock currently sees a 3.1% increase, while the S&P 500 and Nasdaq Composite experience smaller gains of about 0.6%. The market responded positively to new inflation data showing a 3% year-over-year increase in U.S. consumer prices, which was slower than economists’ predictions.
However, despite this boost, Canoo shares have seen an overall decline of approximately 85% over the past year. Electric-vehicle start-ups have been facing difficulties due to rising interest rates, making it harder to secure necessary funding, and increased competition from traditional car companies.
Currently, Canoo holds around $7 million in its books at the end of the first quarter. To raise additional funds, the company has resorted to selling notes, stocks, and warrants.
As space exploration takes an electric turn, Canoo’s all-electric crew transport vehicles are pioneering sustainable mobility for astronauts on their journey to the moon.
Wall Street Expectations for Canoo
According to Wall Street, Canoo is expected to utilize approximately $200 million in capital during the last three quarters of 2023. However, it is anticipated that the company will require additional funding in the future. Despite this, Canoo has not yet provided a comment regarding their plans for raising capital.
NASA’s Artemis Missions: A Bold Endeavor
NASA’s ambitious Artemis missions have a twofold objective. Firstly, these missions aim to reintroduce American astronauts to the moon’s surface. Secondly, they are devoted to sending the first woman and person of color to explore this celestial body.
The Artemis program encompasses an extensive range of initiatives that involve various in-space assets, the establishment of lunar bases, the development of new rockets, and the utilization of partially reusable spacecraft. The inaugural launch of the colossal SLS rocket system took place in November 2022. The subsequent mission, scheduled for November 2024, is set to transport astronauts in a spacecraft named Orion on a journey around the moon.
SpaceX’s Trailblazing Starship System
On the other hand, SpaceX’s Starship system surpasses the SLS in terms of size and grandeur. SpaceX is widely recognized for pioneering reusable rockets and has been successfully launching rockets into space on an almost weekly basis. Notably, SpaceX is also responsible for ferrying astronauts from American soil to the International Space Station. Interestingly, these astronauts typically travel in a Tesla vehicle, as both SpaceX and Tesla are under the leadership of Elon Musk.
