GOEV Pairs to Fulfill EV for All — Stock Prices Fell Down

Canoo partners with GCC Olayan for Canoo Fleet Solutions.
The company appointed a new CFO and CAO.
Stock prices fell by 8.40% in the past 7 days.

Canoo Inc. (NASDAQ: GOEV) is an advanced mobility company. It has recently signed an exclusive agreement with GCC Olayan. GCC Olayan is a subsidiary of Olayan Saudi Holding Company that has been distributing brands in the Kingdom for over 75 years. The agreement covers the sale, service and distribution of Canoo Fleet Solution in Saudi Arabia.

Canoo and GCC Olayan will also collaborate to develop a joint venture to instigate a digital vehicle ecosystem with an aim to provide service maintenance repair, local assembly, and, eventually, manufacturing.

In the past month, Canoo Inc. has appointed Ken Manget as their Chief Financial Officer (CFO), superseding Ramesh Murthy, who served in the capacity on an interim basis. Murthy will continue as the company’s Chief Accounting Officer (CAO).

EV Market to Provide Niche

Many market analysts expect EV adoption to continue rising in 2023. Key trends that will influence EV adoption in 2023 and beyond can be EV affordability. Industries are head over heels to mainstream the EV market, and aim to increase the sales by nearly 25%.

One factor that can influence the adoption can be economical energy. Feasibility of electricity and gas keeps on changing and has an impact over the EV market. Factors like global competition and charging advancements will directly relate to the EV consumers.

GOEV Stock Price Analysis

GOEV stock prices have formed a long regression channel, suggesting prices to undergo consolidation. The volume has shown a deserted market with underwhelming responses in recent times. The 20-EMA has been claimed with the price movement.

The RSI is seen oscillating about the 50-range to suggest an ambiguous market with minimal activities. The MACD records disenchanted buyers while the lines move closely knit to each other. The previous swings suggests, if bulls arrive, the prices may reach beyond $5, breaking all resistances.

Conclusion

The digital vehicle company, Canoo Inc. can work on untapped segments to create niche markets. The EV industry segment foresees a blissful future taking support of the enhancements in the ever growing industry. The holders can rely on the support level near $0.75 to invest in the market.

Technical levels

Support levels: $0.75 and $0.30

Resistance levels: $1.70 and $2.70

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 assets comes with a risk of financial loss.

Andrew is a blockchain developer who developed his interest in cryptocurrencies while his post-graduation. He is a keen observer of details and shares his passion for writing along with being a developer. His backend knowledge about blockchain helps him give a unique perspective to his writing