Yahoo Finance EV Roundup: FUV & GOEV's Dismal Q3 Show, FSR & XPEV's Model Launch
Last week, XPeng XPEV and Fisker FSR made headlines with the launch of Ocean SUV and G9 models, respectively. Fisker’s Ocean will hit the markets in three variants by late 2022. XPeng’s G9 model will be equipped with the company’s most advanced technology. Meanwhile, Arcimoto FUV and Canoo GOEV released third-quarter 2021 results. Both the firms incurred wider year-over-year loss. The loss was also wider than the Zacks Consensus Estimate amid high research & development (R&D) and selling, general & administrative (SG&A) costs. Being in the nascent stages of development, the firms’ high operating expenses are taking a toll on margins.
Inside the Headlines
1. Arcimoto incurred third-quarter loss per share of 31 cents, wider than the Zacks Consensus Estimate of a loss of 24 cents and the year-ago loss of 15 cents. This Oregon-based electric vehicle (EV) manufacturer posted revenues of $1.5 million, surpassing the consensus mark by 10.2%. This compares favorably with the year-ago revenues of $0.68 million.
Arcimoto had cash and cash equivalents of $32.9 million as of Sep 30, 2021. For the quarter under discussion, the firm’s R&D and G&A costs totaled $3.2 million and $3.1 million, up from $1.3 million and $1.6 million, respectively, in the corresponding period of 2020. Sales and marketing costs of roughly $2 million escalated from $361,508 recorded in third-quarter 2020.
During the quarter under review, Arcimoto delivered 63 new vehicles and one pre-owned customer vehicle, and manufactured 78 vehicles. FUV currently carries a Zacks Rank #4 (Sell). The Zacks Consensus Estimate for 2022 earnings implies year-over-year growth of 18.2%.
2. Canoo incurred third-quarter loss per share of 46 cents, wider than the Zacks Consensus Estimate of a loss of 44 cents and the year-ago loss of 20 cents. This California-based EV did not generate any meaningful revenues yet.
Canoo had cash and cash equivalents of $415 million as of Sep 30, 2021. For the quarter under discussion, the firm’s R&D and SG&A costs totaled $59.4 million and $45.5 million, skyrocketing from $18.9 million and $8.4 million, respectively, in the corresponding period of 2020.
Canoo envisions operating expenses for 2021 in the band of $95-$115 million. Full-year capital expenditure is forecast in the range of $60-$80 million. GOEV currently carries a Zacks Rank #3 (Hold). The Zacks Consensus Estimate for 2022 earnings implies a year-over-year decline of 26.6%.
3. Fisker unveiled its flagship EV, the Ocean SUV, at the LA Auto Show. Fisker Ocean will be available in three variants — namely the Standard Sport, the Ultra and the Extreme — at different price points. While the base variant Ocean Sport is priced at $37,499, the high-range models Extreme and Ultra are priced at $68,999 and $49,999, respectively.
Fisker expects the commercial production of the models to commence in November 2022. The Ocean Sport will have an expected 0-60 mph time of 6.9 seconds with a peak horsepower of 275. It is expected to provide 250 miles of range on a single recharge. Ocean Ultra and Ocean Extreme will have an estimated 0-60 mph time of 3.9 seconds and 3.6 seconds, with an estimated peak horsepower of 540hp and 550hp, respectively. Ultra and Extreme will boast a range capacity of 340 and 350 miles, respectively, on a single recharge.
FSR currently carries a Zacks Rank #3. The Zacks Consensus Estimate for Fisker’s 2022 earnings implies year-over-year growth of 15.3%.
4. XPeng unveiled its new G9 flagship smart SUV at the Guangzhou International Automobile Exhibition. This will be the company’s fourth production model after G3, P7 and P5. Quoting XPeng’s co-founder Henry Xia, “G9 is our first model to be conceived and developed from the ground up for both the international and Chinese markets, bringing our most sophisticated designs to our customers worldwide.”
XPeng intends to launch the G9 model in the third quarter of 2022 in China. The model will boast the company’s most advanced technology and be equipped with XPeng’s X-Pilot 4.0 ADAS. The rising EV star of China claims that G9 will be compatible with its X-Power superchargers, which would charge the vehicle up to a 200-kilometer range in five minutes, with a maximum energy efficiency of more than 95%.
XPEV currently carries a Zacks Rank #4. The Zacks Consensus Estimate for XPeng’s 2022 earnings implies year-over-year growth of 32.1%.
Price Performance
The following table shows the price movement of some of the major EV players over the last week and six-month period.
Image Source: Zacks Investment Research
What’s Next in the Space?
Stay tuned for announcements of upcoming EV models and any important updates from the red-hot industry.
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Fisker Inc. (FSR) : Free Stock Analysis Report
Arcimoto, Inc. (FUV) : Free Stock Analysis Report
XPeng Inc. Sponsored ADR (XPEV) : Free Stock Analysis Report
Canoo Inc. (GOEV) : Free Stock Analysis Report
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