Finance

Canoo Inc (GOEV), Lucid and Nio: GOEV Stock Price Target $5 in 2023!    

03/24/2023
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  • Canoo Inc, Lucid and Nio are the big names from the EV industry and their stocks are trying to recover from the lower levels and analysts believe GOEV stock price might recover maximum in 2023.
  • Lucid stock price has gained 11.13% in a week confirming the facts of the maximum recovery of EV stock during 2023.
  • Nio stock price is also not behind with around 14.02% in the period of a week.

Canoo Inc (GOEV) stock is currently below 52-weeks low and analysts believe that GOEV stock price might reach $5 by mid 2023. Confirming the facts regarding the maximum recovery of EV stocks like Canoo Inc (NASDAQ: GOEV), Lucid Group Inc (NASDAQ: LCID) and Nio Inc (NYSE: NIO). 

Meanwhile, analysts also speculate that GOEV stock price might recover maximum during 2023 and reach the target price of $5. Currently Canoo Inc’s GOEV stock price has slipped till the lowest level and is trying to gain support to retrace its recovery path towards the primary resistance level of $1.05.

Analysts also added if GOEV stock price breaks out of the primary resistance level of $1.05 then investors might expect the initialization of GOEV’s recovery towards the $5 recovery level by mid 2023.

In this article, you will be acknowledged about the current market sentiments and the price targets of EV stocks like Lucid Stock, Canoo stock and Nio stock in 2023.

Let us know more about the EV Companies and their business models:

About Canoo Inc, Lucid Group Inc and Nio Inc

Canoo Inc, Lucid Group Inc, and NIO Inc are all electric vehicle companies.

Canoo Inc (GOEV stock Price) is a California-based electric vehicle start-up that focuses on designing and manufacturing electric vehicles for subscription-based models. The company was founded in 2017 and went public through a merger with a special-purpose acquisition company (SPAC) in December 2020.

Lucid Motors, also based in California, is a luxury electric vehicle company that aims to compete with Tesla in the high-end electric car market. The company was founded in 2007 and started production of its first vehicle, the Lucid Air, in late 2021. The company went public through a SPAC merger in July 2021.

NIO is a Chinese electric vehicle company that focuses on premium electric SUVs. The company was founded in 2014 and started delivering vehicles to customers in China in 2018. 

NIO is also involved in battery swapping technology and has established a network of battery swap stations in China. The company went public on the New York Stock Exchange in September 2018.

Business Model of EVs:

Canoo’s business model is based on offering electric vehicles through a subscription service. Customers can sign up for a monthly fee and receive access to the company’s electric vehicles without having to own them outright. 

This allows customers to use the vehicles as needed, without the financial commitment of purchasing or leasing. Canoo plans to offer a range of electric vehicles, including a delivery vehicle, a personal transporter, and a lifestyle vehicle.

Lucid’s business model is focused on manufacturing and selling high-end luxury electric vehicles. The company plans to produce luxury electric sedans and SUVs with advanced technology, such as autonomous driving features and fast charging capabilities. 

Lucid also plans to offer a high level of customer service and support, including white-glove delivery and maintenance services.

NIO’s business model is centered around providing premium electric SUVs to the Chinese market, with a focus on high-end features and design. The company also offers battery swapping technology, which allows drivers to exchange depleted batteries for fully charged ones at NIO’s battery swap stations. 

NIO plans to expand its battery swap network throughout China and potentially to other markets in the future. The company also offers a range of other services, such as home charging solutions, maintenance, and software upgrades.

GOEV Stock Price: Technical Indications

GOEV stock price has slipped till the lowest level and has slumped below 52-weeks low. GOEV stock price might revert back from the current level as it approaches the support zone. Now is the time for GOEV shares to get the demands fulfilled. 

GOEV stock price is currently below 20, 50, 100 and 200-days Daily Moving Average. Meanwhile, GOEV stock price has recovered around 2.75% in a week hinting towards the initialization of its recovery phase.

However, technical indicators suggest the downtrend momentum of GOEV stock price. Relative strength index showcases the downward velocity of GOEV shares. RSI was at 34 and is heading towards the oversol zone. 

MACD exhibits the sustainability of GOEV stock price at the current level over the daily time frame chart. The MACD line is flat above the signal line after a positive crossover. 

Investors in Canoo Inc need to wait until the GOEV stock price breaks out of the primary resistance level of $1.05.

Technical Levels-

Resistance level-  $0.70 and $1.05

Support level-  $0.54 and $0.53

Lucid (NASDAQ: LCID) and Nio (NYSE: NIO): Technical Indications

Lucid stock price has escaped the declining parallel channel over the daily time frame chart. Lucid stock price is currently trying to sustain at 20-EMA to recover till 50, 100 and 200-days Daily Moving Average.

Lucid stock price is currently in upward momentum as suggested by technical indicators. Relative strength index showcases the uptrend momentum of Lucid stock price. RSI was at 45 and is heading towards neutrality for a breakout. 

MACD exhibits the upside trend of Lucid stock price. The MACD line is crossing the signal line to register a positive crossover. Investors in Lucid Group Inc need to wait until the Lucid stock price breaks out of the primary resistance level of $8.95 to initiate its recovery rally over the charts.  

Technical Levels-

Resistance level- $8.95 and $11.75

Support level-  $7.83 and $7.20

Moving on to the technical analysis of Nio Inc (NYSE: NIO) stock:

NIO stock price is trying to sustain at the primary resistance level to continue its recovery towards the recovery level of $12.50. NIO stock price is currently trying to sustain above 20-EMA to recover till 50, 100 and 200-days Daily Moving Average.

Technical indicators do confirm the recovery momentum of NIO stock price over the daily time frame chart. Relative strength index showcases the uptrend momentum of NIO stock price. RSI was at 49 and is about to break out from neutrality. 

MACD exhibits the upside trend of NIO stock price. The MACD line is above the signal line after a positive crossover. Investors in NIO Inc need to wait until the NIO stock price breaks out of the primary resistance level of $9.60 to initiate its recovery rally over the charts. 

Technical Levels-

Resistance level- $9.60 and $10.60

Support level-  $8.90 and $8.08

Summary

Canoo Inc (GOEV) stock is currently below 52-weeks low and analysts believe that GOEV stock price might reach $5 by mid 2023. Canoo Inc (GOEV stock Price) is a California-based electric vehicle start-up that focuses on designing and manufacturing electric vehicles for subscription-based models.

Meanwhile, GOEV stock price has recovered around 2.75% in a week hinting towards the initialization of its recovery phase. Lucid stock price is currently in upward momentum as suggested by technical indicators. Technical indicators do confirm the recovery momentum of NIO stock price over the daily time frame chart.

Investors in Canoo Inc need to wait until the GOEV stock price breaks out of the primary resistance level of $1.05.

Disclaimer-

The views and opinions stated by the author, or any people named in this article, are for informational purposes only, and they do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss. 

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Source: https://www.thecoinrepublic.com/2023/03/24/canoo-inc-goev-lucid-and-nio-goev-stock-price-target-5-in-2023/