Crutchlow "Yamaha must go back, we need a smoother bike".
Translated from https://www.todocircuito.com/noticias/31929-mensaje-de-crutchlow-a-iwata:-yamaha-debe-volver-atras-necesitamos-una-moto-mas-suave.html Franco Morbidelli's performance on the Yamaha YZR-M1 over the last year is evidence that Yamaha has not got it right with the evolution of its prototype this season. The former MotoGP World Championship runner-up with this same bike in 2020 has been totally missing from start to finish, and you have to go back to the Indonesian Grand Prix to find his best result of 2022 with a seventh place. The Italian rider has always insisted that his riding style does not match the current behavior of the YZR-M1, a prototype that seems to have followed the same path as the Honda RC213V in its development and that, as of today, is only competitive in the hands of a single rider: Fabio Quartararo. The Frenchman has been able to modify and adapt his technique to the requirements of this new Yamaha, but not Morbidelli, who has been struggling with the YZR-M1 throughout the 20 rounds of the 2022 calendar. Now, the official tester of the Iwata factory, Cal Crutchlow, agrees with 'Frankie', and like the Italian, the Briton believes that the Japanese brand should rethink the course it is following in the development of the 2023 prototype to avoid repeating last year's mistakes. At the Valencia test, where Cal Crutchlow watched the bulls from the sidelines, the #35 spoke bluntly about the decisions Yamaha is taking in relation to next year's bike, a prototype that, in his view, should recover some of the DNA lost in the last two years: "To be honest, I think Yamaha should go back and make it so you don't need to be an aggressive rider. That's the reality. The problem is, and the reason 'Frankie' had to become more aggressive, is because the bike has become that way. And that's not Yamaha's philosophy," Cal muses. The official Iwata tester sends a message loud and clear to Japan, especially now that his factory will only field two bikes on the grid in 2023: "We need to make the bike smoother, calmer. We need to work on that going forward, and that will improve the whole bike." In Crutchlow's view, Yamaha should not be racking its brains trying to give more top speed to a prototype that, if it has shown anything in recent years, is its incredible cornering thanks to its rider-friendliness: "The Yamaha has always been the slowest bike, but then it's the fastest on most of the circuit. Now they're trying to make it faster on the straight, and so it's harder to ride. I think Yamaha has to get their philosophy back somehow." Cal believes that Franco Morbidelli suffers more than Quartararo because of his own nature and riding style, and although the Italian has practically disappeared for two years, he is convinced of his chances to be at the top again, as long as the Yamaha returns to the bike of yesteryear: "Morbidelli is a smooth rider. I hope next year will be good for him. He's had a complicated season, but that doesn't mean he can't come back. The new bike is very good in terms of top speed. But we have to work on the rest of the things for next year, and then go to Sepang to get in better shape. I'm really looking forward to it," said the official Yamaha tester.
Fabio Quartararo has moved to the Factory Yamaha team and this will be his second Japanese GP in the MotoGP class.
Andrea Dovizioso left the factory Ducati Team at the end of 2020, taken a year out of racing in 2021 and returned in 2022 with the satellite Yamaha team and has announced his retirement in 2022.
Maverick Vinales in June 28, 2021, Vinales made the shock announcement that he had terminated his contract with Yamaha and would leave the factory team after the 2021 season prematurely and not see out the full term until the end of 2022. It was announced that Vinales would join the factory Aprilia racing team from 2022 and has had three podiums with the team so far in 2022.
Cal Crutchlow announced his retirement at the end of the 2020 MotoGP season and signed a deal to become the factory test rider for Yamaha. He's recently returned to racing replacing Andrea Dovizioso for the last remaining 2022 races.
Franco Morbidelli moved from the satellite year team to the factory Yamaha team for the last remaining 2021 races and became a full factory racer in 2022.
Both Alex Rins & Joan Mir have both stuck with Suzuki since 2019. Mir became the 2020 MotoGP World Champion, while Rins has enjoyed 15 podiums and 3 wins with Suzuki. Suzuki announced at the end of the 2022 season they would be leaving as a manufacturer.
Danilo Petrucci has left the factory Ducati Team for the Tech3 KTM Factory Racing in 2021 for one season before leaving for MotoAmercia where he is currently second in the 2022 championship standings.
Jack Miller was promoted from the Pramac Racing team in 2021 to the factory Ducati team, in 2023 he will be leaving Ducati for the Red Bull KTM Factory Racing Team.
Pol Espargaro left KTM at the end of the 2020 season for the Repsol Honda Team, in 2023 he will be joining team GasGas.
Miguel Oliveira was promoted in 2021 from the Red Bull KTM Tech3 Team to the Factory KTM Team. Miguel will be leaving the KTM in 2023 for an Aprilia RS-GP.
Francesco Bagnaia was promoted from the Pramac Racing team in 2021 to the factory Ducati Team and is currently second in the championship standings.
Aleix Espargaro has stuck with Aprilia since 2019 and is having his best ever world championship year in GP racing to this day.
Takaaki Nakagami is still racing with LCR Honda and has signed a new deal to stay with the team for the 2023 season.
Jorge Lorenzo had his last season in GP racing in 2019 with the Repsol Honda Team, after announcing his retirement later in the year. In 2020 he was announced as a Yamaha test rider with at least one wildcard but never took place due to Covid-19.
Karel Abraham had his last year on racing in the GP paddock in 2019 with Reale Avintia Racing.
Hafizh Syahrin after being dropped at the end of the 2019 season, He moved back to Moto2 in 2020 with Speed Up and the for the 2021 season with NTS. unfortunately his Moto2 season didn't go to plan and switched to WorldSBK for the 2022 season onboard a Honda.
Valentino Rossi left the factory Yamaha team at the end of the 2020 season joining the Petronas Yamaha SRT team for the 2021 season. During the 2021 MotoGP season Rossi announced his retirement from racing in MotoGP and has gone on to continue competitive racing in endurance racing on four wheels.
Andrea Iannone is serving a four-year competition ban from 17 December 2019. He was initially given an 18-month ban by FIM and WADA which after a failed appeal was extended to four years by the Court of Arbitration for Sport.
Johann Zarco left Red Bull KTM Factory Racing during the 2019 season and joined the Ducati fold in 2020 racing for Avintia Esponsorama Racing before joining Pramac Racing in 2021.
Tito Rabat left Avintia Racing at the end of the 2020 season due to on going injuries. In the 2021 season Rabat joined Barni Racing Team in WorldSBK. Honda Laglisse signed Tito for the 2022 ESBK season and became champions, Rabat recently raced during a BSB event on a Honda.
Alex Marquez moved from the Moto2 class to MotoGP in 2020 joining the Repsol Honda team for one season after winning the Moto2 World Championship. The 2021 & 2022 seasons Alex joined LCR Honda Castrol and for the 2023 season he will join the Gresini Ducati team. Alex has never raced at Japan in the GP class before.
Iker Lecuona was signed to a KTM contract for the 2020 and 2021 season, Iker was dropped from by KTM at the end of the 2021 season, Iker went and joined HRC in WorldSBK and has one podium to his name for the 2022 season.
Jorge Martin joined the MotoGP class in 2021 with the Pramac Racing Team and hasn't raced in Japan in the GP class. Martin will stay with Pramac Racing in 2023.
Luca Marini finished second in the 2020 Moto2 World Championship and moved up MotoGP for the 2021 season on Ducati machinery and with VR46 Racing. Luca hasn't raced in Japan onboard MotoGP machinery.
Enea Bastianini won the 2020 Moto2 Championship with Italtrans Racing Team and moved up to MotoGP for the 2021 season onboard a Ducati. The Italian moved to Gresini Racing for the 2022 season and currently has four wins to his name and has been hand picked to replace Jack Miller in the factory Ducati team for 2023 and has never raced in Japan onboard MotoGP machinery.
Fabio Di Giannantonio joined the MotoGP class for the 2022 season with Team Gresini onboard a Ducati and has never raced at Japan on MotoGP machinery.
Marco Bezzecchi joined MotoGP for the 2022 season alongside Marini for the newly formed VR46 Racing Team onboard a Ducati and has one podium to his name in 2022. He's also never raced in Japan onboard MotoGP machinery.
Raul Fernandez moved up to MotoGP for the 2022 season with Tech3 KTM Factory Racing unfortunately this move hasn't gone to plan and will leave the KTM fold in 2023 for an Aprilia RS-GP. He's also never raced in Japan onboard MotoGP Machinery.
After winning the Moto2 Championship Remy Gardner moved up to MotoGP for the 2022 season but has been dropped by KTM for the 2023 season. Remy has found himself a ride in WorldSBK for the 2023 season onboard a Yamaha with the GRT satellite team. This will be Remy's only MotoGP ride in Japan.
Darryn Binder is another case of being moved up to MotoGP for one year only but could always move back up in the near future, Binder moved up in the 2022 season with WithU Yamaha RNF MotoGP Team but is set to move back down to Moto2 for the 2023 season.
The Rise of Canoo ($GOEV) – Why JPOW’s printer, Biden’s EV support ($15 billion in infrastructure bill, $160 billion in EV subsidies in budget), ~70% increase in institution ownership, 30+% SI and ~98% utilization are primed to send a young and unique EV manufacturer to the stratosphere.
Gather around folks, hope y’all made some gains the last time around. This DD is split into 8 parts, so feel free to jump to whichever section you’re most interested in. Part 1 – Introduction Part 2 – Market Trends and Upcoming Catalysts Part 3 – Company Overview and Unique Value Proposition Part 4 – Recent Updates Part 5 – Financials and Valuation Part 6 – Bear Case Part 7 – SI and Squeeze Potential Part 8 – TL;DR Part 1 – Introduction It was a warm Monday morning on August 23rd almost a month back, when seemingly for no reason – GOEV shot up from ~$5.9 to ~$8, a 30% gain on the day. The next day – GME popped, for a 30% gain as well, with AMC and BB also making up big gains, leading to the ‘meme mania’ we’ve been experiencing for the last couple of weeks. Why’d this happen? Well there were no company/industry catalysts. The only event that seemed to occur in the prior week was the expiration of monthly options. One of the theories going around is that there’s an almost quarterly cycle going on at this point where FTD’s are leading to a surge in prices in the next cycle for ‘meme stocks’ which tend to be heavily shorted for the most part. How accurate this is I have no clue and whether this applies to GOEV I don’t know, haven’t investigated that particular theory but there’s plenty of posts/comments floating around for you to look into if you’re so inclined. The quick point I’m trying to make here is that if a heavily shorted stock is popping 30% in a day, with no major catalyst for the industry or the company in question – and that company is now advancing towards realizing its major milestones with favorable tailwinds expected for the sector, it could pop a lot more than 30% in the months to come. GOEV is among the youngest EV companies - having been around for less than 5 years, with arguably the most unique vehicles coming out (on schedule – seems to be pretty amazing in the EV space) that very few, if any, of the established or other up and coming competitors are producing, and has been shorted more it seems – for the failure of its peers than any real fault of its own. Part 2 – Market Trends and Upcoming Catalysts
From an investment into equities point of view – S&P 500 has fallen about 0.5%, on average, during the month of September. Stocks have tended to go up, on average, during every other month — other than a slight dip in February — over the past half century link. However, this may soon be coming to an end as in the past week Investors stampeded into stocks and out of cash as global equity funds witnessed their biggest inflows since March 2021 while large-cap U.S. funds enjoyed a record haul, a weekly round-up by BofA showed. link
Let’s take a look at the EV market dynamics and upcoming catalysts before getting into GOEV specifically, so we get a high-level understanding of the bigger picture. The global EV market is expected to be valued at $725.1 Billion by 2026, growing at a CAGR of 27.19% from $171.26 in 2021 source. This is expected to grow to $1.007 trillion by 2027 which is an average of 2 sources - source 1, source 2, another source actually has the market valued at $2.5 trillion but it’s a bit of an outlier compared to the other 2 source 3.
Global EV forecast is for a compound annual growth rate of 29 per cent achieved over the next ten years: Total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. EVs would secure approximately 32 per cent of the total market share for new car sales. Despite the pressure exerted on the market by the COVID-19 pandemic, the long-term outlook for EVs is strong. The significant shift in expected volume of BEVs and PHEVs by 2030 is based on four factors: consumer sentiment, policy and regulation, OEM strategy and the role of corporate companies. All four of these factors saw major changes in direction over the last year, prior to the emergence of COVID-19, and have since been shaped further by the pandemic. link
In November 2018, an article came out stating that the number of EVs on U.S. roads was projected to reach 18.7 million in 2030, up from 1 million at the end of 2018. This is about 7 percent of the 259 million vehicles (cars and light trucks) expected to be on U.S. roads in 2030. Annual sales of EVs will exceed 3.5 million vehicles in 2030, reaching more than 20 percent of annual vehicle sales in 2030. About 9.6 million charge ports will be required to support 18.7 million EVs in 2030. This represents a significant investment in EV charging infrastructure. link.
As it turns out, that number of annual EV sales of 3.5 million vehicles in 2030 was revised to almost double of that in a November 2020 report, just 2 years after the previous article. The US electric vehicles market is now expected to reach 6.9 million unit sales by 2025, up 5x from 1.4 million unit sales forecast for 2020, due to government incentives driving EV ownership. Over 90% of states offered incentives for setting up EV charging infrastructure, with meaningful quality of life incentives and exemptions are offered across 39 states in the US, including easier payment plans for the purchase of EVs, limited-time incentives to accelerate EV adoption/conversion and lack of requirements for emission inspections across several states. link
President Biden is seeking a pledge from auto manufacturers that would see EVs make up 40% - 50% of new U.S. vehicle sales by 2030 link 1, link 2 which is double of the 20% forecast just three years earlier in 2018, and would likely occur only with strong support on the supply side through infrastructural and other support that would enable EV manufacturers to develop the capacity to produce the target number of vehicles, and demand side with respect to incentivizing people to purchase EVs.
EV tax credits jump to $12,500 in proposed $3.5 trillion budget blueprint Democrats passed a couple of weeks ago. This bill adds $4,500 to the current $7,500 tax credit available for a total of $12,500 potentially available to EV buyers. It includes passenger vehicles and light-duty trucks. The proposal calls for $160 billion to fund subsidies and purchase incentives, EV charging infrastructure funding, EV manufacturing incentives, federal EV procurement requirements, and incentives to electrify heavy-duty commercial fleets. link
The proposed EV credits in the budget blueprint would last for 10 years and consumers would be allowed to deduct the value of the credit from the sales price at the time of purchase. In 2027, the $7,500 credit would only apply to U.S.-made vehicles. It would also create a new smaller credit for used EVs of up to $2,500. There are also lower credits for EVs with smaller battery packs. The bill says individual taxpayers must have an adjusted gross income of no more than $400,000 to get the new EV tax credit. It would limit the EV credit to cars priced at no more than $55,000, while trucks could be priced up to $74,000. In August, the Senate in a non-binding amendment narrowly voted in favor of prohibiting taxpayers from claiming EV tax credits if they make more than $100,000 annually or if vehicles cost more than $40,000. link
Furthermore, the bipartisan infrastructure plan, titled the American Jobs Plan, includes billions of dollars for other electrification efforts and for a national charging network. Specifically, the bipartisan plan includes $7.5 billion for a network of EV charging stations across the country. It also includes another $7.5 billion for electric buses and other transportation methods. link
States area also providing EV incentives to residents e.g. Gov. JB Pritzker signed Illinois’ clean energy law which includes a $4,000 rebate for residents to buy an electric vehicle (EV). link.
By 2030, there’s expected to be an 8% divergence between EV demand estimates and production plans, meaning there needs to be a massive scaling up of infrastructure/capacity of EV manufacturers over current projections in order to fill the gap in the market. link
Part 2 – Company Overview and Unique Value Proposition Before we look into what’s happened since my last post, let’s go over a quick refresher on what the company does. Canoo is a Los Angeles-based company that has developed breakthrough electric vehicles, with over 650 employees link from leading technology and automotive companies link. Canoo’s Chairman Tony Aquila mentioned that the company was focused on a product lineup that fits in the gaps of everybody else’s lineup… take the turning radius of a Prius, the size of a Ford Ranger, Payload of F-150 and sell it as one vehicle link. What makes this Canoo so special compared to other EVs is their modular platform, which is purpose-built to deliver maximum vehicle interior space and adaptable to support a wide range of vehicle applications for consumers and businesses. It is this modular platform that led to Apple’s interest and having talks with Canoo (the talks are assumed to have fallen apart because Canoo was looking for an investor while Apple was looking to for an acquisition), as the platform is different from ones developed by other startups and larger automakers because it integrates more of the car’s electronics, allowing for greater flexibility in cabin design. It also features steer-by-wire technology, which also increases design flexibility and is not yet widely adopted in the industry. link. Apple wasn’t the only major company interested in Canoo, Hyundai Motor Group (Hyundai and Kia’s parent company) actually went a lot farther than Apple did with Canoo, announcing a partnership in February 2020 to develop new electric vehicles based on the technological platform developed by Canoo link. This was extremely unusual and referred to as a significant victory for Canoo, as ‘pretty much every electric vehicle startup has talked about wanting to license out their technology or partner with legacy automakers, almost none have landed a deal… Canoo now joins that small list despite only coming into existence at the end of 2017, when its founders started the company’ link. Ultimately this partnership did not go ahead because Canoo’s chairman didn’t feel as though it was worth it for Canoo, saying that the original deal with Hyundai didn’t factor in the value of Canoo’s IP, so a shift in strategy was made from licensing out the technology to protecting the IP and manufacturing and selling Canoo’s own vehicles to commercial operators link Regarding the technology/IP - Canoo has developed the world’s flattest skateboard platform, which enables class-leading passenger and cargo volume on a small vehicle footprint. For example, the lifestyle vehicle, which will offer the interior space of a large SUV, but on the exterior footprint of a compact car. To help achieve this, Canoo’s suspension utilizes a double wishbone with two fiberglass leaf springs, mounted transversely in the front and rear of the platform. The dampers are mounted to the frame, eliminating the need for large shock towers that take up vital cabin space. The entire suspension system is incorporated into the skateboard and sits below the height of the tires. link. Let’s take a look at the current automotive model and see how Canoo’s approach and the use of the skateboard platform add so much more value than conventional ICE manufacturers link, currently the model is broken because 70-80% of the portion of vehicle lifetime profit is only generated after the first owner. The current model is geared towards the first owner and nothing more, with an assortment of OEMs/spare parts retailers/3rd party installers servicing vehicles after the initial sale. Canoo aims to change this by targeting multiple owners after the first purchase i.e. owners 2-4, offering customers the ability to upgrade the model of whichever vehicle they have or switch them entirely as the platform on which the vehicles are built is the same link. The use, and subsequent re-use of the skateboard platform enables significant cost savings and risk reductions link, with the platform providing a strong business advantage as it is consistent across Canoo’s vehicle lineup. If a project is started for a new vehicle which will have the skateboard platform as its foundation, they will be able to carryover engineer and labor, ~half, from one project to the next. It’s also worth pointing out that in traditional ICE, it would be exceptional if Bill of Materials cost carryover across variants reached 25%, with Canoo, this is exceeding 50%. The specific savings include:
45% - 55% labor savings for new variants developed
57% of the BOM cost carryover across variants
70% of critical functions are delivered by the platform.
These enable the development of space efficient cabins that integrate simply onto platform link, and provide the key basis for engineering Canoo’s new value proposition of having a harmonized and articulated 3 – layer vehicle concept that keeps fresh and returns capital over an entire vehicle lifecycle link. This image also showcases how Canoo aims to capture the full vehicle lifecycle value link The three vehicles that Canoo has publicly announced as part of its lineup are: Lifestyle vehicle link - Fully electric, highly versatile and offering more utility inside and out for city explorers, businesses, families and adventurers. The multi-purpose platform unlocks SUV-size interior space on a smaller exterior footprint. It’s pretty hard to put into an image of the vehicle into words so I’d recommend clicking on the above link to check it out for yourself. Some key figures (note the range provided in certain cases is for the variants):
Launching late 2022.
Starting at $34,750*
2 seats - 5 seats - 7 seats
250 mi range
Up to 350 Horsepower
28min charge time 80%
188 ft³ interior volume
80 KWh battery
1,464 lbs payload – 2,000 lbs capacity
Multi-purpose Delivery Vehicle link – Business ready vehicle that lowers the total cost of ownership while providing easy maintenance. More cargo in a small footprint to enable easy maneuverability. A productivity tool that enables you to plug in your tools and get to work. Some key figures (note the range provided in certain cases is for the variants):
Starting at $33,000*
200 ft³ - 500 ft³ cargo volume
130 – 230 mi, 90 – 190 mi range (EPA)
1,540 to 1,980 lbs
Pickup link – All Electric, All American, All Utility - The Pickup Truck is built to be the new standard in function, form and utility — ready for work and the weekend. The picup truck is as strong as the toughest trucks out there and includes features for people who use trucks on the job, weekend, and adventure. Some key figures (note the range provided in certain cases is for the variants):
Launching as early as 2023.
Price – Not currently listed, but during the Q&A portion of the investor day portion on June 30th, somebody asked what the base pricing for the pickup was, given that the Ford lightning F-150 base price was being advertised at $32,000. Chairman Tony Aquila said Canoo was not prepared to announce the pricing at that time, but Canoo would not be beaten in this category – you can check it out at the following link link
Targeted HP – 500+
Payload Capacity – 1800 lbs
Range – 200+ mi
Powertrain – AWD or RWD
There’s actually a fourth vehicle as well that hasn’t been listed anywhere officially but was found by Mcardiel007 when he was having issues communicating with Canoo and went to their Torrance location and spotted them unloading what is potentially the new sedan. All credits to him/her for the following pictures pic 1, pic 2, pic 3, pic 4, pic 5. We can see that Canoo is targeting the most attractive segments at a lower incremental cost. The most profitable and highest carbon dioxide emitting segments are pickups and SUVs, with $115B+ accounting for 90% of 2020 profit pool in US, and ~60% of the transportation emissions (Canoo is targeting these segments with its Lifestyle Vehicle and Pickup). One of the fastest growing segments is delivery vans, with ~2M more delivery vehicles needed globally by 2030 link. It’s important to keep in mind existing fleet conversion to EV as well. Using the common platform provides a pivot-ability to focus on high margin products and is a large and profitable opportunity – highly lucrative and accretive to overall margin link. Canoo is also looking at car data and not just strictly being a vehicle manufacturer – with an opportunity for harmonizing hardware and software + superior cleaning leading to actionable data instead of the status quo of outsourced hardware + poor cleaning leading to disjointed data. Each connected vehicle offers 1 – 2 TB of raw data per day, with car data monetization globally valued at $250 Billion - $400 Billion link. To sum it up – Canoo is well-positioned for success with a differentiated business model link, developing exceptional products that are aimed at the most profitable segments ($115B+ for 90% 2020 profit pool) in the US, addressing upfitting and accessories market in the US by monetizing full vehicle lifetime value with emphasis on 2nd, 3rd and 4th customers (valued at $24B+), and monetization of car data globally through customer-centric, software ecosystem generating exponential network effect ($250B+). Part 4 – Recent Updates Now let’s take a look at some of the hires that the company’s been making (note that almost all of these hires have happened since the last quarter, with most being in the last two months, and this is not an exhaustive list). Canoo has quietly been putting together an all-star management team experienced in three key areas – diplomacy, automotive, and technology.
Ambassador Josette Sheeran – President at Canoo, Executive Chairman at the The McCain Institute, former UN Special Envoy for Haiti, Vice Chairman of the World Economic Forum, Executive Director of the World Food Programme, Undersecretary for Economics Agriculture, Energy at the US Department of State.
Ram Balasubramanian - Chief Information Officer at Canoo, former Senior Vice President, Business Technology at Salesforce, Chief Information Officer at Motorola Solutions, Chief Information Officer (CIO), India Region, Global Business Solutions Leader at PepsiCo.
Christian Treiber - Senior Vice President of Global Customer Journey & Aftersales at Canoo, former Member of the Board of Directors at the German American Chamber of Commerce, Inc., Member of the Board of Directors, RepairSmith (backed by Daimler AG), Vice President Customer Service, Mercedes-Benz USA, Member of the Supervisory Board at Mercedes-Benz Versicherungs AG, Director, Service and Parts Sales Mercedes-Benz Passenger Cars at Daimler AG etc.
Govin Ranganathan - Director Logistics, Materials & Transportation at Canoo, former Head of Logistics at Nio, Engineering Manager at Tesla, Sr. Manager of Production Control at Fiat Chrysler, Lean Manufacturing Specialist at Damien Chrysler.
Arnold Abernathy - Chief Information Security Officer at Canoo, former Deputy Chief Information Security Officer at Toyota, Programmer at NASA, with other experience including McAfee, Deloitte & Touche, Ernst & Young, CA technologies.
Randy Rodriguez - Director of Advanced Design at Canoo, former Director of Advanced Design at General Motors, Creative Manager Design and Styling at Tesla, Project Lead Designer at Nissan Motor Corporation.
Senon Franco – Senior Exterior Design Manager at Canoo, former Senior Exterior Designer at Hyundai, Creative Designer at Honda, Exterior Designer at GM, Exterior Designer at VW.
Branden Coté - Vice President Product Management & Sales at Canoo, former Director, Market Management North America & Greater China at Mercedes-AMG
Bryce DeArmond - Manager of Strategic Partnerships, Data Customer Journey at Canoo, Former Account Manager at Samsung Electronics America, Samsung Field Operations Manager at Samsung Electronics America, Director of Sales at IRIO.
Kristen Harris - Senior Commercial Counsel at Canoo, former Director, Legal Affairs for EMEA and Latin America at the Harley-Davidson Motor Company, Regional Legal Counsel at Texas Instruments, Legal Consultant at Taiwan International Patent and Law Office
Now why on earth would these long-established and assumingly well-reputed individuals with executive level careers at places including the United Nations, U.S. Department of State, Nio, Tesla, Fiat Chrysler, Daimler AG/Mercedez-Benz, General Motors, Nissan, Toyota, Hyundai, Honda, Salesforce, NASA, McAfee, PepsiCo, Samsung, Harley-Davidson etc. move to an upstart EV manufacturer within the last couple of months if they didn’t believe in it’s potential for success? Some of these individuals have spent 5-10 years with their prior companies, it doesn’t make sense that they’d all be jumping over to Canoo for a 1 year engagement. Other than the talent, Canoo has made a number of moves in in recent months as it moves closer to bringing the first of the Lifestyle Vehicles to production, including: Announcing plans to build its new factory outside of Tulsa, Oklahoma, creating more than 2,000 jobs and opening in 2023. The facility will be built on a 400-acre site at the MidAmerica Industrial Park complex in Pryor, Oklahoma. It will house a paint shop, body shop, and general assembly plant. Oklahoma is providing an incentive package that totals over $300 million, and may kick in millions more based on whether Canoo hits or exceeds a target of hiring military veterans to make up 10 percent of the workforce at the facility link. Partnering with VDL Nedcar as a contract manufacturing partner to manufacture the Lifestyle Vehicle for the US & EU markets while it builds its US-based mega micro-factory. By parallel pathing contract and owned manufacturing Canoo will meet its commitment to start production and deliver vehicles in Q4, 2022. Canoo Chairman Tony Aquila mentioned that VDL Nedcar ‘is the top trusted European manufacturer building high quality products for leading OEMs, and they significantly outcompeted the other contenders. VDL is also independently owned by the van der Leegte family of entrepreneurs - which aligns with our commitment to support businesses that form the backbone of communities. This strategic partnership will enable us to deliver vehicles to market while we build our Phase 2 factory in Oklahoma. It also strongly positions us for geographic expansion in Europe and builds a lasting relationship with VDL Groep of companies. Our investment will help us scale quickly and fulfill our mission to bring affordable, purpose-built EVs to Everyone.” The Nedcar facility is slated to build up to 1000 units for both the US and European markets in 2022 with a target of 15,000 units in 2023 link De-risking the path to market, Canoo designed, built and tested beta for its lifestyle vehicle link, with highlights including:
$250M invested in Beta
~1.5M hours of engineering
~500k miles of testing
13 beta runners / 32 beta properties tested
US NCAP 5-star overall rating targeted, with simulated, sled and vehicle level crash testing.
Undertaking the Gamma Phase with SOP on track for Q4 2022 link, with key highlights including:
12 months of testing
~120-150 vehicles will be built and validated
~70 crash tests
30 sled tests
Full slate of vehicle tests; no shortcuts
80% of all components are sourced
63% of all engineering is released
54% of tooling is committed
Partnering with the frontdoor collective for 10,000 MPDVs, the frontdoor collective are a network of delivery service partners that provide dependable last-mile delivery experience, with founders and executives with experience from FedEx, Walmart, XPO, Amazon, Instacart and the U.S. military. With more than 100 franchisees with experience in delivering for companies like Amazon, XPO, Axlehire and Ontrac, the company, aims to expand that to 300 franchisees by the end of this year link. Surpassing 9,500 non-binding pre-orders across lifestyle vehicle, pickup track and multi-purpose delivery vehicle link Showcasing its vehicles at various events including the ACT Expo and Cars & Coffee (both of which were attended by some of the amazing folks at the canoo subreddit who attended, took detailed notes/pictures and shared it with everyone), and receiving invites to others such as the LA Auto show link. Part 5 – Financials and Valuation Before looking at Canoo/Competitors, here are some analyst PTs
Bank of America - $5 (can’t find the article at the moment but I’m sure I’ve seen it somewhere)
Average = $13, current SP = $6.7 As of Canoo’s second quarter 10Q, the company had cash on hand of $563.6 million link, which according to the company is more than sufficient to cover the cost of bringing its first products to markets link. The company could raise $273M from warrants if the SP is greater than $18 for 20 out of 30 days. At a pre-revenue stage there’s not too much to say in this department, other than to note that value of a couple of orders:
Over 9,500 non-binding preorders – which if they are followed through with would be worth at least $313,500,00 (assuming 9,500 orders of the cheapest vehicle which is the base model MPDV).
10,000 MPDVs for the frontdoor collective which would be worth at least $330,000,000 (assuming cheapest MPDV).
As far as valuations go, let’s divide the pre-revenue EV manufacturers into tiers for an easier look – based on their market cap. I’m sure some are missing because I only took a few, let me know and I’ll add them in later. These market caps were taken within a few moments of each other on 9/21 from yahoo finance.
Lucid Motors – $41.23B, 11,000 pre-orders, delivery delayed to fall 2021
Nikola Corporation - $4.25B, lowered delivery guidance of 25/50 vehicles for 2021
Fisker Inc - $3.917B, >17,000 pre-orders, value of $637,483,000
Faraday Future - $3.66B, 300 FF 91 Vehicles, value of $54,000,000 delivery in 2022
Canoo – $1.63B, 19,500 pre-orders (9,500 individual + 10,000 front door collective), value of $643,500,000, delivery fall 2022 for LV, 2023 for MPDV
Company A (market cap too low, has a DOJ investigation ongoing and issued a going concern for whether it would have cash to make it to production) - $1.2B
Just looking at a couple of examples here it would seem that Canoo is undervalued purely on a pre-orders/revenue perspective. Fisker and Faraday Future, which are both expected to deliver in 2022 as is the case with Canoo, have over double the market cap despite Canoo having similar preorder value (compared to Fisker) or much higher (compared to Faraday Future). Haven’t done a cash flow analysis of every company but even taking into consideration Fisker having $400M more in cash on hand source, there’s a significant discrepancy. Faraday Future meanwhile has less than half of Canoo’s cash on hand at $230M link. Part 6 – Bear Case With anything pre-revenue, the biggest issue is always going to be do we have enough cash to get the product off the ground imo. I could write a really long paragraph but yea that’s pretty much it in a sentence. Since I’m on the bullish side for the company, I’ll lay out a few reasons why I think Canoo won’t be running out of $$$ before it comes to market – these have mostly been stated here and there throughout this document but I’ll summarize them below:
As of Canoo’s second quarter 10Q, the company had cash on hand of $563.6 million which according to the company is more than sufficient to cover the cost of bringing the Lifestyle Vehicle to market.
Oklahoma is providing an incentive package that totals over $300 million, and may kick in millions more based on whether Canoo hits or exceeds a target of hiring military veterans to make up 10 percent of the workforce at the facility.
EV funding is a significant portion of the upcoming budget, this is less grounded than the others but there is assumedly some hopium that Canoo would be able to receive some federal support if needed.
The company could take on debt to assist in getting to production – H.C. Wainwright in their coverage indicated that they expect $500M to $525M in funding could be raised in debt to 2023. Tony has previously stated that they are looking for as non-dilutive an approach as possible, and given the current SP it wouldn’t make much sense to go the additional equity route.
In May, the SEC opened a fact-finding inquiry into Canoo as it did with many former EV SPACs, unlike others such as NKLA and (Company A) – nothing further has come as of yet, nor have any DOJ investigations been launched.
Part 7 – SI and Squeeze Potential I know y’all have just been waiting for this so I’ll get right down to it. Famously developed by the esteemed pennyether, the SMELL system is going to help us take a look at some key numbers that’ll help understand GOEV’s squeezability.
Short Interest – 31.8 million shares, 32% of free float
Market Cap – $1.63 Billion, not big enough that it’s immovable, not small enough that shorts would be able to cover without investing a decent amount of capital
Extremely Memeable – I mean… GOEV, like Go… EV, idk I think it ticks off the memeability criteria
Low Liquidity – Average volume per yahoo finance is 2.7M shares, which is 2.7% of the free float so any inflow will cause the share price to move pretty significantly. Over the last quarter, it seems that institutions have been loading up on Canoo for cheap, with institutional inflows of $177M and only $2.56M sold link
Low Risk (IV) – Yep, current IV is 77.1% for 9/24 and 10/1 options. Please do NOT consider this financial advice, like at all, but if you’re one of the folks who look to just buy options for the sake of contributing to a gamma squeeze, take a look at the post by ChemaKyle on how buying far OTM options and how it’s not the best idea if you want the MMs to hedge. There’s not much of a need to hedge vs something that doesn’t have a ramp up and no OI at the ATM values. I’d agree with his/her post and the commentators that buying ATM options and the underlying shares would have a greater chance at causing a gamma squeeze, but this is something you should research and do your own DD on as well based on your risk tolerance and investment threshold.
Part 8 – TL;DR The global EV market is expected to be valued at $725.1 Billion by 2026, growing at a CAGR of 27.19% from $171.26 in 2021, with total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. EVs would secure approximately 32 per cent of the total market share for new car sales. The US electric vehicles market is now expected to reach 6.9 million unit sales by 2025, up 5x from 1.4 million unit sales forecast for 2020, due to government incentives driving EV ownership. President Biden is seeking a pledge from auto manufacturers that would see EVs make up 40% - 50% of new U.S. vehicle sales by 2030, to support this EV tax credits jump to $12,500 in the proposed $3.5 trillion budget blueprint Democrats passed a couple of weeks ago. In August, the Senate in a non-binding amendment narrowly voted in favor of prohibiting taxpayers from claiming EV tax credits if they make more than $100,000 annually or if vehicles cost more than $40,000. Either way, this is huge for Canoo which is offering base models of the Lifestyle Vehicle and MPDV at <$35,000, with the base pickup model expected to be priced similarly. Canoo aims to disrupt the current automotive model by taking a piece of the 70-80% of the portion of vehicle lifetime profit which is generated after the first owner and traditionally ignored by manufacturers. Canoo aims to change this by targeting multiple owners after the first purchase i.e. owners 2-4, offering customers the ability to upgrade the model of whichever vehicle they have or switch them entirely as the platform on which the vehicles are built is the same. Canoo is targeting the most attractive segments at a lower incremental cost. The most profitable and highest carbon dioxide emitting segments are pickups and SUVs, with $115B+ accounting for 90% of 2020 profit pool in US, and ~60% of the transportation emissions (Canoo is targeting these segments with its Lifestyle Vehicle and Pickup) and targeting one of the fastest growing segments of delivery vans, for which ~2M more delivery vehicles will be needed globally by 2030, with its MPDV. To facilitate this disruption, Canoo has developed the world’s flattest skateboard platform, which enables class-leading passenger and cargo volume on a small vehicle footprint. Canoo’s Chairman Tony Aquila mentioned that the company was focused on a product lineup that fits in the gaps of everybody else’s lineup… take the turning radius of a Prius, the size of a Ford Ranger, Payload of F-150 and sell it as one vehicle. The use, and subsequent re-use of the skateboard platform enables significant cost savings and risk reductions, with the platform providing a strong business advantage as it is consistent across Canoo’s vehicle lineup. If a project is started for a new vehicle which will have the skateboard platform as its foundation, they will be able to carryover engineer and labor, ~half, from one project to the next.
45% - 55% labor savings for new variants developed
57% of the BOM cost carryover across variants (compared to ~25% on ICE)
70% of critical functions are delivered by the platform.
If we take a look at the funding incentives being proposed for consumers e.g. with the LV, the maximum federal rebate would be $12,500, and if we add in state incentives e.g. Illinois with it’s $4,000 rebate – that turns into $16,500. The LV is priced at $34,750 which means that post-rebates you’re getting it at almost half the price, pretty ridiculous in comparison to ICE vehicles, add in tighter emissions standards for ICE vehicles and Canoo starts looking pretty good. If you made it this far, I’d like to thank you for reading this – I’d like to give a big shoutout to the community over on the canoo subreddit (not sure if I can link other subs so won’t). They’re extremely dedicated individuals who provide a wealth of knowledge on the ongoings of the company – from driving to HQ and coincidentally finding an unrevealed product to attending EXPOs and other showcase events and sharing vehicle images and detailed write-ups. Y’all the real MVPs. Position – 1k shares @ 11.69.
2023 Rider Predictions Thread! (+ my own picks to start off)
Inspired by a similar thread made in the main motogp subreddit, I want to see what everyone here at motoweek predicts will be next year’s rider lineup! To start, I’ve listed out what I predict below + a comment for each pick. Note: My picks are made under the assumption that Suzuki will not be replaced by another team. Currently, Dorna splits a portion of their revenue and gives that to all the independent teams in order to keep them funded and in the sport; adding another independent team would either require Dorna give up more of their money (likely not to happen) or splitting the funds further between the teams (which would anger everyone). Any penalties paid by Suzuki for leaving early could be given to a new team, but then the same problem as earlier would just occur at a later date. (Also, an * means that rider already has a contract with the team in question)
Team
Rider #1
Rider #2
Aprilia Racing
*Aleix Espargaró
*Maverick Viñales
RNF Aprilia MotoGP Team
Álex Rins - Aprilia have stated that they want RNF to have an older, experienced rider and Rins doesn’t have much bargaining power so he’ll probably settle for less money to stay on the grid.
Darryn Binder - Doing pretty well for someone who has skipped Moto2, is young and seems to have potential. Also a possibility: Celestino Vietti - RNF want to promote rookies, Vietti is doing well in Moto2 and he’d be an Italian racing on an Italian bike which is good for sponsorship.
Ducati Lenovo Team
*Francesco Bagnaia
Enea Bastianini - Younger than Miller and while his consistency isn’t great right now, his pace is still faster than that of Martin currently and he is definitely prime for development in a factory seat.
Gresini Racing MotoGP
Miguel Oliveira - Experienced rider, doesn’t want to take KTM’s offer of a Tech 3 seat and while this isn't a factory seat it'd still be an upgrade in terms of perfromance. Also, Gresini have a Portuguese sponsor in OLI that would probably like a Portuguese rider.
Fabio Di Giannantonio - Doing well right now, no reason to change + prime for development.
Mooney VR46 Racing Team
Luca Marini - Doing well right now, no reason to change + family link to Rossi.
Marco Bezzecchi - Doing well right now, no reason to change + seems to be VR46's focus in terms of riders.
Prima Pramac Racing
Johann Zarco - Doing well right now, Pramac have said that they want to keep him and that his development skills are very useful
Jorge Martín - Is very fast on a good day, but still needs refinement and another year at Pramac would help (plus he doesn’t have much leverage for going to another team right now)
Red Bull KTM Factory Racing
*Brad Binder
Jack Miller - KTM can afford him, he’s still a great rider who’d likely get along well as a teammate to Binder while helping the team develop. Plus, a swap from one factory team to another factory team is just good, period, even if KTM are in a slump right now.
Tech3 KTM Factory Racing
Remy Gardner - While his management is at odds with KTM, he’s a KTM prodigy who is obviously talented (Moto2 championship winner just last year with KTM!) and KTM still seems to want him on their bike.
Pol Espargaró - Definitely a downgrade for Pol, but I doubt he’d want to switch to LCR and this would give him a spot with a team that he has experience with (also, they desperately need a development rider again).
Repsol Honda Team
*Marc Márquez
Joan Mir - Seems pretty obvious right now, but he’s a free-market world champion that Honda can afford + he’d almost certainly get better results than Pol (aggressive riding style more similar to Marc, could get more out of the bike)
LCR Honda Idemitsu/Castrol
Ai Ogura - Nakagami is better than Álex yes, but he’s not improving enough and Honda want to promote young talent. Ogura is a young, Japanese rider who has proved that he’s talented and is almost certainly being prepared for that LCR Idemitsu seat right now.
Álex Márquez - He’s a nice guy, but I think we all know that Álex likely isn’t going anywhere while his brother is still with the factory team. Plus, it’s not like he isn’t talented; he’s a Moto3 and Moto2 championship winner + a double MotoGP podium finisher back in 2020. Really does need to get a move on, though.
Monster Energy Yamaha MotoGP
Fabio Quartararo - Leading the championship, almost singlehandedly carrying Yamaha like Stoner did with Ducati and has no other real option with Suzuki now gone.
Just to be clear from the start: I think Fabio will resign with Yamaha. I think his frustration is at the level where he is considering a move and would love to explore those options, but in the end they probably just aren't quite as attractive as what he already has. Realistically we are only talking about a Honda move, or the very unlikely scenario where Aprilia hasn't made an offer to Aleix bc they are preparing to break the bank and go after Fabio. I think Fabio is the deserving champion, the best rider in the class going back to 2020, even though he failed to sew that one up. So for the sake of this discussion I'm going to assume that he gets along with whatever other bike he would chose. That seems more fair than assuming that he wouldn't, or couldn't. But, however remote, that is also a possibility. If you are Fabio are you looking jealously at the Honda? Probably not right, the idea is that you would be more encouraged by the effort to make a new bike, the effort to evolve. We only talk about the potential of the bike when we can't actually talk about what makes a bike good, otherwise that's what we'd talk about, the strengths. All we can talk about with Honda is potential, because we don't see strengths yet. So the case for a move to Honda would be based on a few things: money, maybe, I don't know, I am not sure about this one, Honda has a big budget but I feel like Yamaha wouldn't squabble over matching any other offer Fabio gets. They understand better than anyone how important it is to keep him. I don't think money will decide this one. Effort, development behavior; probably the most believable bit. We don't have to speculate on his level of frustration with Yamahas development behavior, he tells us all the time. So instead I'm going to speculate that whatever relationship with the factory and the technical directors, and whatever level of input he has at Yamaha is supreme. He is THE Yamaha rider and his preferences will presumably shape the direction of development, albeit a traditionally stubborn (but successful) factory to work with. I think that is a very luxurious position for him, especially at his age, and I don't think that would be the case if he goes to Honda. Not saying they wouldn't listen to him at all, or that in time he wouldn't assume the same status at Repsol, but he wouldn't just sit down in the box next year at winter tests and convince the team to ignore what Marc wants from the bike. Even if he is riding better than Marc these days, Marc has a long and loyal, successful and profitable relationship with Takeo and Honda, in a Catalan based team. They trust him and he trusts them. It would take Fabio time to get there. Is he actually willing to spare it - to abandon his status at Yamaha for the chance that he could essentially just get back to same level at a different brand, that he currently beats every week? It just doesn't add up to me. If you're in the business of winning races then joining Repsol as Marc Marquez' team mate seems bad for business. Sure, he is not the dominant rider he used to be, but I would bet that he is still pretty dominant in the box, in the debriefs, in the technical meetings. If they become team mates, I can see Fabio beating Marc on track and still losing to him off track. At least for the next 2 years. I'm interested to hear from those who really believe this Honda move is going to happen how they see this part playing out. The Aprilia idea is mostly fantasy but if I'm Fabio I'm looking at this Aprilia and thinking to myself, if Aleix can stack these kinds of results on that bike then imagine what I could do on it. No disrespect to Aleix, ofc, who is in the form of his life and deserves a lot credit for how and why Aprilia are an attractive option for a rider like Fabio these days, but even with proper respect given, Fabio won't think for one second that Aleix is quicker than him. I'm sure a lot of guys had similar ideas when they became team mates with Aleix, and in the end found it harder that they imagined but Fabio would be at least a class above the others that have tried. Of the guys Aleix has wiped the floor with, you won't find any MotoGP world champions. If it wasn't for the financial aspect of this deal seeming to make it impossible, or close to, this seems like his best option. Does anyone think it's realistic? Can we imagine Fabio taking a pay cut to join Aprilia? What if we had a championship caliber Aprilia, with the champion, and current best rider on it? This seems like the winning ticket, only unlikely because of money. Any believers? Also want to say clearly here that I think teams building the bike around one rider being successful on it is fine. In fact I think that's the best way to win, and the goal is to win. To have 1 bike finish 1st, not have 4 bikes in the top 12 or whatever. Ducati has been chasing the perfect neutral bike for a long ass time, and consistently providing a bike that outperforms the other brands, but they don't have much to show for it. If I'm a team boss, I will take the run of championships, and then a period of floundering while we find a new star rider or build a new bike. Fair trade. Last thing I want to talk about is team mates again, but not Marc this time. The Yamaha stable: Dovi, D. Binder, Morbido. Okay, so I am going to be critical here, but just because I have to be, it's harsh truths, I don't hate any of these guys and in fact I love Franco and I am very confused and sorry to see what's become of him lately, but to make this point it's time to be harsh: None of these guys are giving Fabio a single crumb of usable data. It's a real problem. He can learn nothing about improving from any of them. It's easy to say 'he's the best rider, so he will have less to learn than other riders anyway' which is partly true, and a fair observation but even so every single grain of data is like gold to the teams, there is always something to glean. Rossi and Lorenzo learned a ton about how to be fast on the Yamaha by combing each others data, using each others set up info, etc. Same with Marc and Dani, and even now Marc is talking about riders such as Nakagami, how he was entering corners faster, and how Marc can see in the data where there is proof positive that he can be faster if he uses a different technique, and shit like that so important. IMO this is Fabios biggest problem at Yamaha. Not the bike itself. I certainly don't rate it as the best bike, but I don't rate it as the worst either. I think the bike has clear strengths and weaknesses and Fabio is a great fit for the Yamaha because he is such a sensational qualifier, he minimizes the amount of bikes he has to overtake on Sundays to account for the biggest weakness of the bike. Or at least what I perceive to be it's biggest weaknesses; the tyre temp when following issue, and the struggle to overtake bikes that get out of the slow corners faster, needing clear track to carry speed. Mir talked about this a lot last year, when Rins was really really struggling. There was no other data to compare. There was no way to learn. It made improving more difficult than it should be. Fabio is going through it this year. He needs a team mate or two to be stacking up relevant, on the pace data, so him and his team can be getting faster and faster even when they are not on track. Getting faster on Friday night, getting faster on the plane ride home. Always getting faster. I know this is a really ridiculous thing to say but I think it's reasonable that during these extended contract talks, Fabio may be making demands in this area. Improving the bike is a given, every rider always expects the team to upgrade the bike, but they need more sources of usable data. They need upgrades in the Yamaha rider stable. Fabio is a showman, and I think he's a great kid, but also he's a little dramatic. He loves a show and dance. I think a lot of his comments to the media are part of that. He wants everyone to know he is talking to other manufactures and he's getting offers and he's not just happy to sign on at Yamaha because they are Yamaha. He deserves a championship winning bike, no question. But in the end I think being King of the Yamaha castle is his best option, even with the weaknesses of the bike, unless he's willing to take a paycut and go to Aprilia. Would be interested to hear your thoughts. Am I missing something?
افضل منصات تداول العملات الرقمية | ما هي افضل منصة تداول 2021
بعد طرح عملة البيتكوين للتداول للمرة الأولى في عام ٢٠٠٩ ، ارتفعت قيمتها بشكل كبير، مما أثار فضول المحللين والمستثمرين ، بخصوص عالم العملات الرقمية كمجال للإستثمار وصناعة الثروة المالية ، حيث زاد هذا الطموح بظهور العديد من العملات المشابهة والتي ارتفعت بشكل كبير في السنوات الماضية ، مما خلق سوق مالي ضخم سُمِّيَ بسوق العملات الرقمية. ولتنظيم وتسيير هذا السوق ، وجب وجود كيان يسمح بذلك ، وهنا جاء دور منصات التداول، حيث تتيح منصة التداول للمستخدمين شراء وبيع وتداول العملات الرقمية بالعملات الرقمية أو التقليدية. ومع ذلك ، ومع تزايد الخيارات يأتي التحدي الأكبروالمتمثل في اختيارمنصة التداول الأفضل بشكل مثالي لمتطلبات التداول الخاصة بك ، حيث يجب أخذ مجموعة من المعايير بعين الإعتبارعند إختيار منصة التداول المناسبة لك سواء كنت مبتدئ أو متداول محترف ، وبعبارة أخرى، قبل أن تذهب وتسجل في منصة تداول معينة ، يجب عليك أولا أن تدرس وتعاين كل شيء متعلق بمنصة التداول شروطها و ايجابياتها وسلبياتها . وترى هل هذه المنصة مناسبة لك لتداول أم لا ؟. حيث في هذه المقالة سنناقش المعايير الواجب توفرها عند اختيار منصة التداول المناسبة لك ، وكذلك سنضع افضل منصات التداول بالنسبة للعملات الرقمية في الوقت الحالي . لمعرفة كافة التفاصيل اقرأ المقال كاملاً
What trash is Honda coming up with since the last 7 years? Nobody except Marc was able to do anything on that bike. Even he is killing himself since 2020 trying to make it work. Honda riders are so desperately trying to get the most out of that turd machine. Jack Miller, Alvaro Bautista, Steafan Bradl, Cal Cruthlow, Scott Redding, Taka Nakagami, Alex Marquez, Tito Rabat, Franco Morbidelli, Thomas Luthi, Jorge Lorenzo, Dani Pedrosa, Pol Espargaro and more have only struggled to make this post 2015 RC213V work right. Such a disaster for talented rookies. Wtf is this Puig guy smoking? What is HRC doing with all its giant budget and resources? Taka's crash just shows how desperate he is to use that front end to find some performance. Hondas have become dangerous bikes to be around for everyone. When Marquez signed that long ass contract, I told my friends it was a massive mistake. They are fucking up. he would do so much better at Ducati/KTM. 3 seasons have already vanished for the poor guy.
Now I’ll explain you why Yamaha is not a good team.
Hi guys! The title might be provocative and misleading, but I want you to read what I’m going to write, and give me your opinion. Well, this year, in the constructors’ world championship, the Yamaha Factory is in second place in the constructors’ standings, with Quartararo in first place in the scoring standings; At first glance, you could consider an excellent season for Yamaha ... but analyzing the data well, you can understand how in reality, the ranking It does not respect the reality of the facts;
first of all, the constructors’ standings is not to be considered in my opinion, as of the 107 points scored by Yamaha in the constructors’ standings ....89 points are scored by Quartararo. Yes: Quartararo (and not Yamaha) scored 90% of the yamaha’s points in the constructors’ standings, while Morbidelli only 10 percent ... Now one might think that the problem is Morbidelli, but I remind you two things: the first is that even the WithU yamaha team, which has official bikes, they perform worse than Morbidelli, and second I remind you that Morbidelli two years earlier, when he and quartararo were petronas riders and both battled for the world title, at the end of the season Morbidelli beat Quartararo with a bike older than Quartararo’s one, and the last year, with a bike 2-YEAR-older than the official Yamaha M1,he was in the Top 5, before breaking his knee. So now I ask you, is Morbidelli the problem or Yamaha is the problem, who denying to Franco the chance to bring his trusted chief engineer to the factory team?( I’m talking about Ramon Forcada)
Speaking of the WithU team, the situation is so serious that it brings the Razali team into Aprilia. Dovizioso is also struggling with that bike(the only rider to have beaten Marquez several times at his peak)
This indicates that Yamaha is not "a good team" and does not have a good bike. In fact, it can be said that it is a good team, but they have lost the right path a bit, and it may seem like a bad team in the eyes of many. But not because Yamaha is slow, but because the bike is « Undrivable » for the other riders, who apart from Darryn Binder, are very strong riders. They need to understand that what’s good for the top driver isn’t necessarily good for another driver. They did the same thing with Rossi when Vinales became a top driver, but when Rossi complained people mocked him, calling him a whimper. The same fate also fell to Vinales, and the same thing that is also happening to Morbidelli;
What’s worse, is that Yamaha is interested in satisfying only and exclusively Quartararo, while the other Yamaha riders are at the mercy of technical problems, bringing him only little stuff (example: Yesterday Quartararo tried a new swingarm, while the other Yamaha riders simply tried new set-ups….)
I predict that within a very short time, if Quartararo were to get seriously injured and skip the season, the situation that happened in Honda in 2020, when Marquez broke his humerus could occur: that is, that no Yamaha rider will be able to achieve significant results, Thus becoming dependent on Quartararo; Honda has understood that making a bike suitable for a single rider is not a very intelligent thing to do, only when it was too late, competing in their worst season since they are in MotoGP; how long will it take Yamaha to understand it, before it is too late?
Convert session times to your local time: Here *Please note all on-demand, reports and results will be update when available on MotoGP.com The Preview of the #SepangTest, can be watched: Here
The long-anticipated return of MotoGP™ riders to the tarmac is little over a week away, as premier class stars prepare to jet off to Sepang for the first Official Test of 2022. The winter break offered plenty of downtime for the stars of the show, but it’s time to get back to business with the crucial Malaysia Test offering the perfect launchpad to kick off the season in the right way. Before we see the likes of Fabio Quartararo (Monster Energy Yamaha MotoGP) and Marc Marc Marquez (Repsol Honda Team) donning their leathers again, factories’ Test riders will have already taken the 2022-spec bikes out for some laps for a behind closed doors Shakedown Test. Fear not though as motogp.com will strive to bring you as much coverage as we can, including photos from across the three days beginning on Monday, January 31st. On the Friday, Team Suzuki Ecstar and the Monster Energy Yamaha teams will unveil their 2022 liveries and reveal to fans their ambitions for the season, while you don’t have to wait long to see the big names in action. The Test proper kicks off on Saturday, February 5th, the first of two days of action. Eight-time Champion Marquez has won his fitness battle and will be one of four riders testing out the revamped RC213V, with HRC under scrutiny following a couple below-par seasons. What Suzuki’s engineers have conjured up over the last few months will draw plenty of intrigue, as the Hamamatsu factory aim to make the GSX-RR the bike to beat once again. Always the innovators, we can’t wait to see what technical innovations Ducati bring to the party as they target a first Riders’ Championship since 2007, while KTM and Aprilia will be hoping to make another stride forward to becoming regular race and podium contenders. For Yamaha, they boast the current World Champion Quartararo and 2020 runner up Franco Morbidelli within their factory side, while three-time Championship runner up and 15-time premier class race winner Andrea Dovizioso (WithU Yamaha RNF MotoGP Team) will get to grips with the latest spec M1. The seasoned Italian partners rookie Darryn Binder in the Iwata factory’s satellite team with the South African surely aiming to complete as many laps as possible over the two days. The same can be said for the other four rookies, as they aim to make the step up to more powerful machinery. KTM Tech3 duo Remy Gardner and Raul Fernandez will be hoping to carry over their scintillating Moto2™ form while Marco Bezzecchi (VR46 Racing Team) and Fabio Di Giannantonio (Gresini Racing MotoGP) should enjoy a few more days with their MotoGP™ bikes. It’s set to be an enthralling few days of action in Sepang as we catch a glimpse of what teams and riders are planning for the upcoming season. With daily reports, interviews, highlight packages and the return of After the Flag, you can stay up to date with all the latest updates on action on motogp.com. Make sure you tune in then! Source: https://www.motogp.com/en/news/2022/01/27/all-you-need-to-know-about-the-official-sepang-test/404144
Convert session times to your local time: Here *Please note all on-demand, reports and results will be update when available on MotoGP.com & MotoE isn't shown live until E-Pole on Saturday. Gran Premio Octo di San Marino e della Riviera di Rimini: Length: 4.2km (2.63 miles) Distance: MotoGP: 27 laps, 114.1 km (71.0 miles) |Moto2: 25 laps, 105.7 km (65.8 miles) |Moto3: 23 laps, 97.2 km (60.5 miles) All Time Lap Record: MotoGP: Maverick Vinales, Monster Energy Yamaha MotoGP, 2020, 1'31.077 |Moto2: Luca Marini, SKY Racing Team VR46, 2020, 1'35.271 |Moto3: Celestino Vietti,SKY Racing Team VR46, 2020, 1'41.155 2020 Pole Position: MotoGP: Maverick Vinales, Yamaha, 1'31.411 |Moto2: Sam Lowes, Kalex, 1'36.170 |Moto3: Ai Ogura, Honda, 1'42.403 2020 Fastest Lap: MotoGP: Francesco Bagnaia, Ducati, 1'32.706 |Moto2: Luca Marini, Kalex, 1'37.013 |Moto3: Ryusei Yamanaka, Honda, 1'42.752 2020 Winners: MotoGP: Franco Morbidelli, Petronas Yamaha SRT |Moto2: Luca Marini, SKY Racing Team VR46 |Moto3: John McPhee, Petronas Sprinta Racing Official Event Program: Here San Marino GP Weather: Here San Marino GP Track Map: Here San Marino GP OnBoard Lap: Here Last Time Out in 2021,Aragon GP: MotoGP Race|Moto2 Race|Moto3 Race Last Time Out At San Marino 2020:MotoGP Race|Moto2 Race|Moto3 Race Current 2021 Championship Standings:MotoGP|Moto2|Moto3|MotoE Follow#SanMarinoGPon social media for all updates on MotoGP Social Media Links: Join us on Discord: #motogp on discordapp.com Follow our Twitter feed of all threads: @MotoGPSubreddit on twitter.com The official MotoGP Podcast is available on: Apple Podcasts, Google Podcasts & Spotify. Join all official MotoGP Social Media Accounts: Facebook, Twitter, YouTube & Instagram. MotoGP's Official 2021 Video Game Can Be Purchased: Here Enjoy /MotoGP? Go over and check out WSBK & /BritishSuperbikes Feedback/Rules: Feel free to leave feedback and improvements on the subreddit by sending us the mods a message. Please also read over our subreddit rules Here before posting, Thank you.
جميع شركات التداول تتدعي أنها الأفضل. إذن كيف يمكنك أن تعرف حقا من لديه أفضل عرض في عام 2020؟ اجرت شركة (Deutsches Kundeninstitut (DKI ... بحث واستطلاع وفق عدة معايير مختلفه في شركات التداول في الشرق الاوسط لتصنف وسيطالتداول ITCكأقوى مؤسسةتداول في السعوديةوالامارات والشرق الاوسط بشكل عام أفضل شركات التداول. هناك أعداد كبيرة من شركات تداول العملات في السوق وتزداد مع مرور الوقت. ولكن، اختيار شركة التداول المناسبة المناسب قد يكون واحد من اصعب الخيارات في حياتكوتستغرق وقتاً طويلاً من أجل الحصول على شركة يمكن الاعتماد عليها بسبب حقيقة أن هناك العديد من العوامل التي يجب أخذها بالاعتبار. تعرفوا على افضل شركة تداول في السعودية الوسيط الاقوى في الامارات: investclub.ae
معلومات أوفى حول شركات الفوركس او اسواق الاسهم
سوق العملات الأجنبية مسؤول عن أكثر من 4 تريليون دولار من القيمة التداولية كل يوم، ما يجعله أكبر الأسواق المالية عالمياً. بما أنه لا يوجد سوق مركزي لسوق فوركس، على المتداولين اختيار شركة تداول العملات لمساعدتهم في القيام بالنشاط التداولي. هناك عدد كبير ومتزايد من شركات التداول، والاختيار ليس سهلاً. في هذا القسم، سوف نلقي نظرة على اهم الاعتبارات عند اختيار شركة تداول عملات قوية في سوق فوركس التنافسي. هل أنت مهتم بسوق فوركس؟ هل أنت بحاجة لإختيار وسيط من بين المئات من شركات تداول العملات؟ لا تخشى ذلك! الدليل الحاسم في شركات التداول موجود ليقدم لك أكثر التقييمات شمولية عن كل ما يمكنهم تقديمه لك.
Convert session times to your local time: Here *Please note all on-demand, reports and results will be update when available on MotoGP.com Gran Premio Motul de la Comunitat Valenciana: Length: 4.0km (2.49 miles) Distance: MotoGP: 27 laps, 108.1 km (67.2 miles) |Moto2: 25 laps, 100.1 km (62.3 miles) |Moto3: 23 laps, 92.1 km (57.3 miles) All Time Lap Record: MotoGP: Jorge Lorenzo, Movistar Yamaha MotoGP, 2016, 1'29.401 |Moto2: Stefano Manzi, MV Agusta Forward Racing, 2020, 1'34.418 |Moto3: Darryn Binder, CIP Green Power, 2020, 1'38.286 2020 Pole Position: MotoGP: Franco Morbidelli, Yamaha, 1'30.191 |Moto2: Stefano Manzi, MV Agusta, 1'34.418 |Moto3: Darryn Binder, KTM, 1'38.286 2020 Fastest Lap: MotoGP: Jack Miller, Ducati, 1'31.378 |Moto2: Hector Garzo, Kalex, 1'35.291 |Moto3: Sergio Garcia, Honda, 1'38.858 2020 Winners: MotoGP: Franco Morbidelli, Petronas Yamaha SRT |Moto2: Jorge Martin, Red Bull KTM Ajo |Moto3: Tony Arbolino, Rivacold Snipers Team Official Event Program: Here Valencia GP Weather: Here Valencia GP Track Map: Here_track_map.svg) Valencia GP OnBoard Lap: Here Last Time Out in 2021,Algarve GP: MotoGP Race|Moto2 Race|Moto3 Race Last Time Out At Valencia GP, 2020:MotoGP Race|Moto2 Race|Moto3 Race Current 2021 Championship Standings:MotoGP|Moto2|Moto3|MotoE Follow#ValenciaGPon social media for all updates on MotoGP Social Media Links: Join us on Discord: #motogp on discordapp.com Follow our Twitter feed of all threads: @MotoGPSubreddit on twitter.com The official MotoGP Podcast is available on: Apple Podcasts, Google Podcasts & Spotify. Join all official MotoGP Social Media Accounts: Facebook, Twitter, YouTube & Instagram. MotoGP's Official 2021 Video Game Can Be Purchased: Here Enjoy /MotoGP? Go over and check out WSBK & /BritishSuperbikes Feedback/Rules: Feel free to leave feedback and improvements on the subreddit by sending us the mods a message. Please also read over our subreddit rules Here before posting, Thank you.
Convert session times to your local time: Here *Please note all on-demand, reports and results will be update when available on MotoGP.com Gran Premio Motul de la Comunitat Valenciana: Length: 4.0km (2.49 miles) Distance: MotoGP: 27 laps, 108.1 km (67.2 miles) |Moto2: 25 laps, 100.1 km (62.3 miles) |Moto3: 23 laps, 92.1 km (57.3 miles) All Time Lap Record: MotoGP: Jorge Lorenzo, Movistar Yamaha MotoGP, 2016, 1'29.401 |Moto2: Stefano Manzi, MV Agusta Forward Racing, 2020, 1'34.418 |Moto3: Darryn Binder, CIP Green Power, 2020, 1'38.286 2020 Pole Position: MotoGP: Franco Morbidelli, Yamaha, 1'30.191 |Moto2: Stefano Manzi, MV Agusta, 1'34.418 |Moto3: Darryn Binder, KTM, 1'38.286 2020 Fastest Lap: MotoGP: Jack Miller, Ducati, 1'31.378 |Moto2: Hector Garzo, Kalex, 1'35.291 |Moto3: Sergio Garcia, Honda, 1'38.858 2020 Winners: MotoGP: Franco Morbidelli, Petronas Yamaha SRT |Moto2: Jorge Martin, Red Bull KTM Ajo |Moto3: Tony Arbolino, Rivacold Snipers Team Official Event Program: Here Valencia GP Weather: Here Valencia GP Track Map: Here_track_map.svg) Valencia GP OnBoard Lap: Here Last Time Out in 2021,Algarve GP: MotoGP Race|Moto2 Race|Moto3 Race Last Time Out At Valencia GP, 2020:MotoGP Race|Moto2 Race|Moto3 Race Current 2021 Championship Standings:MotoGP|Moto2|Moto3|MotoE Follow#ValenciaGPon social media for all updates on MotoGP Social Media Links: Join us on Discord: #motogp on discordapp.com Follow our Twitter feed of all threads: @MotoGPSubreddit on twitter.com The official MotoGP Podcast is available on: Apple Podcasts, Google Podcasts & Spotify. Join all official MotoGP Social Media Accounts: Facebook, Twitter, YouTube & Instagram. MotoGP's Official 2021 Video Game Can Be Purchased: Here Enjoy /MotoGP? Go over and check out WSBK & /BritishSuperbikes Feedback/Rules: Feel free to leave feedback and improvements on the subreddit by sending us the mods a message. Please also read over our subreddit rules Here before posting, Thank you.
Convert session times to your local time: Here *Please note all on-demand, reports and results will be update when available on MotoGP.com & MotoE isn't shown live until E-Pole on Saturday. Gran Premio Octo di San Marino e della Riviera di Rimini: Length: 4.2km (2.63 miles) Distance: MotoGP: 27 laps, 114.1 km (71.0 miles) |Moto2: 25 laps, 105.7 km (65.8 miles) |Moto3: 23 laps, 97.2 km (60.5 miles) All Time Lap Record: MotoGP: Maverick Vinales, Monster Energy Yamaha MotoGP, 2020, 1'31.077 |Moto2: Luca Marini, SKY Racing Team VR46, 2020, 1'35.271 |Moto3: Celestino Vietti,SKY Racing Team VR46, 2020, 1'41.155 2020 Pole Position: MotoGP: Maverick Vinales, Yamaha, 1'31.411 |Moto2: Sam Lowes, Kalex, 1'36.170 |Moto3: Ai Ogura, Honda, 1'42.403 2020 Fastest Lap: MotoGP: Francesco Bagnaia, Ducati, 1'32.706 |Moto2: Luca Marini, Kalex, 1'37.013 |Moto3: Ryusei Yamanaka, Honda, 1'42.752 2020 Winners: MotoGP: Franco Morbidelli, Petronas Yamaha SRT |Moto2: Luca Marini, SKY Racing Team VR46 |Moto3: John McPhee, Petronas Sprinta Racing Official Event Program: Here San Marino GP Weather: Here San Marino GP Track Map: Here San Marino GP OnBoard Lap: Here Last Time Out in 2021,Aragon GP: MotoGP Race|Moto2 Race|Moto3 Race Last Time Out At San Marino 2020:MotoGP Race|Moto2 Race|Moto3 Race Current 2021 Championship Standings:MotoGP|Moto2|Moto3|MotoE Follow#SanMarinoGPon social media for all updates on MotoGP Social Media Links: Join us on Discord: #motogp on discordapp.com Follow our Twitter feed of all threads: @MotoGPSubreddit on twitter.com The official MotoGP Podcast is available on: Apple Podcasts, Google Podcasts & Spotify. Join all official MotoGP Social Media Accounts: Facebook, Twitter, YouTube & Instagram. MotoGP's Official 2021 Video Game Can Be Purchased: Here Enjoy /MotoGP? Go over and check out WSBK & /BritishSuperbikes Feedback/Rules: Feel free to leave feedback and improvements on the subreddit by sending us the mods a message. Please also read over our subreddit rules Here before posting, Thank you.
A comprehensive case for Canoo (within Reddit's character counts) =p
This DD is split into 8 parts, so feel free to jump to whichever section you’re most interested in. Part 1 – Introduction Part 2 – Market Trends and Upcoming Catalysts Part 3 – Company Overview and Unique Value Proposition Part 4 – Recent Updates Part 5 – Financials and Valuation Part 6 – Bear Case Part 7 – SI and Squeeze Potential Part 8 – TL;DR Part 1 – Introduction It was a warm Monday morning on August 23rd almost a month back, when seemingly for no reason – GOEV shot up from ~$5.9 to ~$8, a 30% gain on the day. The next day – GME popped, for a 30% gain as well, with AMC and BB also making up big gains, leading to the ‘meme mania’ we’ve been experiencing for the last couple of weeks. Why’d this happen? Well there were no company/industry catalysts. The only event that seemed to occur in the prior week was the expiration of monthly options. One of the theories going around is that there’s an almost quarterly cycle going on at this point where FTD’s are leading to a surge in prices in the next cycle for ‘meme stocks’ which tend to be heavily shorted for the most part. How accurate this is I have no clue and whether this applies to GOEV I don’t know, haven’t investigated that particular theory but there’s plenty of posts/comments floating around for you to look into if you’re so inclined. The quick point I’m trying to make here is that if a heavily shorted stock is popping 30% in a day, with no major catalyst for the industry or the company in question – and that company is now advancing towards realizing its major milestones with favorable tailwinds expected for the sector, it could pop a lot more than 30% in the months to come. GOEV is among the youngest EV companies - having been around for less than 5 years, with arguably the most unique vehicles coming out (on schedule – seems to be pretty amazing in the EV space) that very few, if any, of the established or other up and coming competitors are producing, and has been shorted more it seems – for the failure of its peers than any real fault of its own. Part 2 – Market Trends and Upcoming Catalysts
From an investment into equities point of view – S&P 500 has fallen about 0.5%, on average, during the month of September. Stocks have tended to go up, on average, during every other month — other than a slight dip in February — over the past half century link. However, this may soon be coming to an end as in the past week Investors stampeded into stocks and out of cash as global equity funds witnessed their biggest inflows since March 2021 while large-cap U.S. funds enjoyed a record haul, a weekly round-up by BofA showed. link
Let’s take a look at the EV market dynamics and upcoming catalysts before getting into GOEV specifically, so we get a high-level understanding of the bigger picture. The global EV market is expected to be valued at $725.1 Billion by 2026, growing at a CAGR of 27.19% from $171.26 in 2021 source. This is expected to grow to $1.007 trillion by 2027 which is an average of 2 sources - source 1, source 2, another source actually has the market valued at $2.5 trillion but it’s a bit of an outlier compared to the other 2 source 3.
Global EV forecast is for a compound annual growth rate of 29 per cent achieved over the next ten years: Total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. EVs would secure approximately 32 per cent of the total market share for new car sales. Despite the pressure exerted on the market by the COVID-19 pandemic, the long-term outlook for EVs is strong. The significant shift in expected volume of BEVs and PHEVs by 2030 is based on four factors: consumer sentiment, policy and regulation, OEM strategy and the role of corporate companies. All four of these factors saw major changes in direction over the last year, prior to the emergence of COVID-19, and have since been shaped further by the pandemic. link
In November 2018, an article came out stating that the number of EVs on U.S. roads was projected to reach 18.7 million in 2030, up from 1 million at the end of 2018. This is about 7 percent of the 259 million vehicles (cars and light trucks) expected to be on U.S. roads in 2030. Annual sales of EVs will exceed 3.5 million vehicles in 2030, reaching more than 20 percent of annual vehicle sales in 2030. About 9.6 million charge ports will be required to support 18.7 million EVs in 2030. This represents a significant investment in EV charging infrastructure. link.
As it turns out, that number of annual EV sales of 3.5 million vehicles in 2030 was revised to almost double of that in a November 2020 report, just 2 years after the previous article. The US electric vehicles market is now expected to reach 6.9 million unit sales by 2025, up 5x from 1.4 million unit sales forecast for 2020, due to government incentives driving EV ownership. Over 90% of states offered incentives for setting up EV charging infrastructure, with meaningful quality of life incentives and exemptions are offered across 39 states in the US, including easier payment plans for the purchase of EVs, limited-time incentives to accelerate EV adoption/conversion and lack of requirements for emission inspections across several states. link
President Biden is seeking a pledge from auto manufacturers that would see EVs make up 40% - 50% of new U.S. vehicle sales by 2030 link 1, link 2 which is double of the 20% forecast just three years earlier in 2018, and would likely occur only with strong support on the supply side through infrastructural and other support that would enable EV manufacturers to develop the capacity to produce the target number of vehicles, and demand side with respect to incentivizing people to purchase EVs.
EV tax credits jump to $12,500 in proposed $3.5 trillion budget blueprint Democrats passed a couple of weeks ago. This bill adds $4,500 to the current $7,500 tax credit available for a total of $12,500 potentially available to EV buyers. It includes passenger vehicles and light-duty trucks. The proposal calls for $160 billion to fund subsidies and purchase incentives, EV charging infrastructure funding, EV manufacturing incentives, federal EV procurement requirements, and incentives to electrify heavy-duty commercial fleets. link
The proposed EV credits in the budget blueprint would last for 10 years and consumers would be allowed to deduct the value of the credit from the sales price at the time of purchase. In 2027, the $7,500 credit would only apply to U.S.-made vehicles. It would also create a new smaller credit for used EVs of up to $2,500. There are also lower credits for EVs with smaller battery packs. The bill says individual taxpayers must have an adjusted gross income of no more than $400,000 to get the new EV tax credit. It would limit the EV credit to cars priced at no more than $55,000, while trucks could be priced up to $74,000. In August, the Senate in a non-binding amendment narrowly voted in favor of prohibiting taxpayers from claiming EV tax credits if they make more than $100,000 annually or if vehicles cost more than $40,000. link
Furthermore, the bipartisan infrastructure plan, titled the American Jobs Plan, includes billions of dollars for other electrification efforts and for a national charging network. Specifically, the bipartisan plan includes $7.5 billion for a network of EV charging stations across the country. It also includes another $7.5 billion for electric buses and other transportation methods. link
States area also providing EV incentives to residents e.g. Gov. JB Pritzker signed Illinois’ clean energy law which includes a $4,000 rebate for residents to buy an electric vehicle (EV). link.
By 2030, there’s expected to be an 8% divergence between EV demand estimates and production plans, meaning there needs to be a massive scaling up of infrastructure/capacity of EV manufacturers over current projections in order to fill the gap in the market. link
Part 2 – Company Overview and Unique Value Proposition Before we look into what’s happened since my last post, let’s go over a quick refresher on what the company does. Canoo is a Los Angeles-based company that has developed breakthrough electric vehicles, with over 650 employees link from leading technology and automotive companies link. Canoo’s Chairman Tony Aquila mentioned that the company was focused on a product lineup that fits in the gaps of everybody else’s lineup… take the turning radius of a Prius, the size of a Ford Ranger, Payload of F-150 and sell it as one vehicle link. What makes this Canoo so special compared to other EVs is their modular platform, which is purpose-built to deliver maximum vehicle interior space and adaptable to support a wide range of vehicle applications for consumers and businesses. It is this modular platform that led to Apple’s interest and having talks with Canoo (the talks are assumed to have fallen apart because Canoo was looking for an investor while Apple was looking to for an acquisition), as the platform is different from ones developed by other startups and larger automakers because it integrates more of the car’s electronics, allowing for greater flexibility in cabin design. It also features steer-by-wire technology, which also increases design flexibility and is not yet widely adopted in the industry. link. Apple wasn’t the only major company interested in Canoo, Hyundai Motor Group (Hyundai and Kia’s parent company) actually went a lot farther than Apple did with Canoo, announcing a partnership in February 2020 to develop new electric vehicles based on the technological platform developed by Canoo link. This was extremely unusual and referred to as a significant victory for Canoo, as ‘pretty much every electric vehicle startup has talked about wanting to license out their technology or partner with legacy automakers, almost none have landed a deal… Canoo now joins that small list despite only coming into existence at the end of 2017, when its founders started the company’ link. Ultimately this partnership did not go ahead because Canoo’s chairman didn’t feel as though it was worth it for Canoo, saying that the original deal with Hyundai didn’t factor in the value of Canoo’s IP, so a shift in strategy was made from licensing out the technology to protecting the IP and manufacturing and selling Canoo’s own vehicles to commercial operators link Regarding the technology/IP - Canoo has developed the world’s flattest skateboard platform, which enables class-leading passenger and cargo volume on a small vehicle footprint. For example, the lifestyle vehicle, which will offer the interior space of a large SUV, but on the exterior footprint of a compact car. To help achieve this, Canoo’s suspension utilizes a double wishbone with two fiberglass leaf springs, mounted transversely in the front and rear of the platform. The dampers are mounted to the frame, eliminating the need for large shock towers that take up vital cabin space. The entire suspension system is incorporated into the skateboard and sits below the height of the tires. link. Let’s take a look at the current automotive model and see how Canoo’s approach and the use of the skateboard platform add so much more value than conventional ICE manufacturers link, currently the model is broken because 70-80% of the portion of vehicle lifetime profit is only generated after the first owner. The current model is geared towards the first owner and nothing more, with an assortment of OEMs/spare parts retailers/3rd party installers servicing vehicles after the initial sale. Canoo aims to change this by targeting multiple owners after the first purchase i.e. owners 2-4, offering customers the ability to upgrade the model of whichever vehicle they have or switch them entirely as the platform on which the vehicles are built is the same link. The use, and subsequent re-use of the skateboard platform enables significant cost savings and risk reductions link, with the platform providing a strong business advantage as it is consistent across Canoo’s vehicle lineup. If a project is started for a new vehicle which will have the skateboard platform as its foundation, they will be able to carryover engineer and labor, ~half, from one project to the next. It’s also worth pointing out that in traditional ICE, it would be exceptional if Bill of Materials cost carryover across variants reached 25%, with Canoo, this is exceeding 50%. The specific savings include:
45% - 55% labor savings for new variants developed
57% of the BOM cost carryover across variants
70% of critical functions are delivered by the platform.
These enable the development of space efficient cabins that integrate simply onto platform link, and provide the key basis for engineering Canoo’s new value proposition of having a harmonized and articulated 3 – layer vehicle concept that keeps fresh and returns capital over an entire vehicle lifecycle link. This image also showcases how Canoo aims to capture the full vehicle lifecycle value link The three vehicles that Canoo has publicly announced as part of its lineup are: Lifestyle vehicle link - Fully electric, highly versatile and offering more utility inside and out for city explorers, businesses, families and adventurers. The multi-purpose platform unlocks SUV-size interior space on a smaller exterior footprint. It’s pretty hard to put into an image of the vehicle into words so I’d recommend clicking on the above link to check it out for yourself. Some key figures (note the range provided in certain cases is for the variants):
Launching late 2022.
Starting at $34,750*
2 seats - 5 seats - 7 seats
250 mi range
Up to 350 Horsepower
28min charge time 80%
188 ft³ interior volume
80 KWh battery
1,464 lbs payload – 2,000 lbs capacity
Multi-purpose Delivery Vehicle link – Business ready vehicle that lowers the total cost of ownership while providing easy maintenance. More cargo in a small footprint to enable easy maneuverability. A productivity tool that enables you to plug in your tools and get to work. Some key figures (note the range provided in certain cases is for the variants):
Starting at $33,000*
200 ft³ - 500 ft³ cargo volume
130 – 230 mi, 90 – 190 mi range (EPA)
1,540 to 1,980 lbs
Pickup link – All Electric, All American, All Utility - The Pickup Truck is built to be the new standard in function, form and utility — ready for work and the weekend. The picup truck is as strong as the toughest trucks out there and includes features for people who use trucks on the job, weekend, and adventure. Some key figures (note the range provided in certain cases is for the variants):
Launching as early as 2023.
Price – Not currently listed, but during the Q&A portion of the investor day portion on June 30th, somebody asked what the base pricing for the pickup was, given that the Ford lightning F-150 base price was being advertised at $32,000. Chairman Tony Aquila said Canoo was not prepared to announce the pricing at that time, but Canoo would not be beaten in this category – you can check it out at the following link link
Targeted HP – 500+
Payload Capacity – 1800 lbs
Range – 200+ mi
Powertrain – AWD or RWD
There’s actually a fourth vehicle as well that hasn’t been listed anywhere officially but was found by Mcardiel007 when he was having issues communicating with Canoo and went to their Torrance location and spotted them unloading what is potentially the new sedan. All credits to him/her for the following pictures pic 1, pic 2, pic 3, pic 4, pic 5. We can see that Canoo is targeting the most attractive segments at a lower incremental cost. The most profitable and highest carbon dioxide emitting segments are pickups and SUVs, with $115B+ accounting for 90% of 2020 profit pool in US, and ~60% of the transportation emissions (Canoo is targeting these segments with its Lifestyle Vehicle and Pickup). One of the fastest growing segments is delivery vans, with ~2M more delivery vehicles needed globally by 2030 link. It’s important to keep in mind existing fleet conversion to EV as well. Using the common platform provides a pivot-ability to focus on high margin products and is a large and profitable opportunity – highly lucrative and accretive to overall margin link. Canoo is also looking at car data and not just strictly being a vehicle manufacturer – with an opportunity for harmonizing hardware and software + superior cleaning leading to actionable data instead of the status quo of outsourced hardware + poor cleaning leading to disjointed data. Each connected vehicle offers 1 – 2 TB of raw data per day, with car data monetization globally valued at $250 Billion - $400 Billion link. To sum it up – Canoo is well-positioned for success with a differentiated business model link, developing exceptional products that are aimed at the most profitable segments ($115B+ for 90% 2020 profit pool) in the US, addressing upfitting and accessories market in the US by monetizing full vehicle lifetime value with emphasis on 2nd, 3rd and 4th customers (valued at $24B+), and monetization of car data globally through customer-centric, software ecosystem generating exponential network effect ($250B+). Part 4 – Recent Updates Now let’s take a look at some of the hires that the company’s been making (note that almost all of these hires have happened since the last quarter, with most being in the last two months, and this is not an exhaustive list). Canoo has quietly been putting together an all-star management team experienced in three key areas – diplomacy, automotive, and technology.
Ambassador Josette Sheeran – President at Canoo, Executive Chairman at the The McCain Institute, former UN Special Envoy for Haiti, Vice Chairman of the World Economic Forum, Executive Director of the World Food Programme, Undersecretary for Economics Agriculture, Energy at the US Department of State.
Ram Balasubramanian - Chief Information Officer at Canoo, former Senior Vice President, Business Technology at Salesforce, Chief Information Officer at Motorola Solutions, Chief Information Officer (CIO), India Region, Global Business Solutions Leader at PepsiCo.
Christian Treiber - Senior Vice President of Global Customer Journey & Aftersales at Canoo, former Member of the Board of Directors at the German American Chamber of Commerce, Inc., Member of the Board of Directors, RepairSmith (backed by Daimler AG), Vice President Customer Service, Mercedes-Benz USA, Member of the Supervisory Board at Mercedes-Benz Versicherungs AG, Director, Service and Parts Sales Mercedes-Benz Passenger Cars at Daimler AG etc.
Govin Ranganathan - Director Logistics, Materials & Transportation at Canoo, former Head of Logistics at Nio, Engineering Manager at Tesla, Sr. Manager of Production Control at Fiat Chrysler, Lean Manufacturing Specialist at Damien Chrysler.
Arnold Abernathy - Chief Information Security Officer at Canoo, former Deputy Chief Information Security Officer at Toyota, Programmer at NASA, with other experience including McAfee, Deloitte & Touche, Ernst & Young, CA technologies.
Randy Rodriguez - Director of Advanced Design at Canoo, former Director of Advanced Design at General Motors, Creative Manager Design and Styling at Tesla, Project Lead Designer at Nissan Motor Corporation.
Senon Franco – Senior Exterior Design Manager at Canoo, former Senior Exterior Designer at Hyundai, Creative Designer at Honda, Exterior Designer at GM, Exterior Designer at VW.
Branden Coté - Vice President Product Management & Sales at Canoo, former Director, Market Management North America & Greater China at Mercedes-AMG
Bryce DeArmond - Manager of Strategic Partnerships, Data Customer Journey at Canoo, Former Account Manager at Samsung Electronics America, Samsung Field Operations Manager at Samsung Electronics America, Director of Sales at IRIO.
Kristen Harris - Senior Commercial Counsel at Canoo, former Director, Legal Affairs for EMEA and Latin America at the Harley-Davidson Motor Company, Regional Legal Counsel at Texas Instruments, Legal Consultant at Taiwan International Patent and Law Office
Now why on earth would these long-established and assumingly well-reputed individuals with executive level careers at places including the United Nations, U.S. Department of State, Nio, Tesla, Fiat Chrysler, Daimler AG/Mercedez-Benz, General Motors, Nissan, Toyota, Hyundai, Honda, Salesforce, NASA, McAfee, PepsiCo, Samsung, Harley-Davidson etc. move to an upstart EV manufacturer within the last couple of months if they didn’t believe in it’s potential for success? Some of these individuals have spent 5-10 years with their prior companies, it doesn’t make sense that they’d all be jumping over to Canoo for a 1 year engagement. Other than the talent, Canoo has made a number of moves in in recent months as it moves closer to bringing the first of the Lifestyle Vehicles to production, including: Announcing plans to build its new factory outside of Tulsa, Oklahoma, creating more than 2,000 jobs and opening in 2023. The facility will be built on a 400-acre site at the MidAmerica Industrial Park complex in Pryor, Oklahoma. It will house a paint shop, body shop, and general assembly plant. Oklahoma is providing an incentive package that totals over $300 million, and may kick in millions more based on whether Canoo hits or exceeds a target of hiring military veterans to make up 10 percent of the workforce at the facility link. Partnering with VDL Nedcar as a contract manufacturing partner to manufacture the Lifestyle Vehicle for the US & EU markets while it builds its US-based mega micro-factory. By parallel pathing contract and owned manufacturing Canoo will meet its commitment to start production and deliver vehicles in Q4, 2022. Canoo Chairman Tony Aquila mentioned that VDL Nedcar ‘is the top trusted European manufacturer building high quality products for leading OEMs, and they significantly outcompeted the other contenders. VDL is also independently owned by the van der Leegte family of entrepreneurs - which aligns with our commitment to support businesses that form the backbone of communities. This strategic partnership will enable us to deliver vehicles to market while we build our Phase 2 factory in Oklahoma. It also strongly positions us for geographic expansion in Europe and builds a lasting relationship with VDL Groep of companies. Our investment will help us scale quickly and fulfill our mission to bring affordable, purpose-built EVs to Everyone.” The Nedcar facility is slated to build up to 1000 units for both the US and European markets in 2022 with a target of 15,000 units in 2023 link De-risking the path to market, Canoo designed, built and tested beta for its lifestyle vehicle link, with highlights including:
$250M invested in Beta
~1.5M hours of engineering
~500k miles of testing
13 beta runners / 32 beta properties tested
US NCAP 5-star overall rating targeted, with simulated, sled and vehicle level crash testing.
Undertaking the Gamma Phase with SOP on track for Q4 2022 link, with key highlights including:
12 months of testing
~120-150 vehicles will be built and validated
~70 crash tests
30 sled tests
Full slate of vehicle tests; no shortcuts
80% of all components are sourced
63% of all engineering is released
54% of tooling is committed
Partnering with the frontdoor collective for 10,000 MPDVs, the frontdoor collective are a network of delivery service partners that provide dependable last-mile delivery experience, with founders and executives with experience from FedEx, Walmart, XPO, Amazon, Instacart and the U.S. military. With more than 100 franchisees with experience in delivering for companies like Amazon, XPO, Axlehire and Ontrac, the company, aims to expand that to 300 franchisees by the end of this year link. Surpassing 9,500 non-binding pre-orders across lifestyle vehicle, pickup track and multi-purpose delivery vehicle link Showcasing its vehicles at various events including the ACT Expo and Cars & Coffee (both of which were attended by some of the amazing folks at the canoo subreddit who attended, took detailed notes/pictures and shared it with everyone), and receiving invites to others such as the LA Auto show link. Part 5 – Financials and Valuation Before looking at Canoo/Competitors, here are some analyst PTs
Bank of America - $5 (can’t find the article at the moment but I’m sure I’ve seen it somewhere)
Average = $13, current SP = $6.7 As of Canoo’s second quarter 10Q, the company had cash on hand of $563.6 million link, which according to the company is more than sufficient to cover the cost of bringing its first products to markets link. The company could raise $273M from warrants if the SP is greater than $18 for 20 out of 30 days. At a pre-revenue stage there’s not too much to say in this department, other than to note that value of a couple of orders:
Over 9,500 non-binding preorders – which if they are followed through with would be worth at least $313,500,00 (assuming 9,500 orders of the cheapest vehicle which is the base model MPDV).
10,000 MPDVs for the frontdoor collective which would be worth at least $330,000,000 (assuming cheapest MPDV).
As far as valuations go, let’s divide the pre-revenue EV manufacturers into tiers for an easier look – based on their market cap. I’m sure some are missing because I only took a few, let me know and I’ll add them in later. These market caps were taken within a few moments of each other on 9/21 from yahoo finance.
Lucid Motors – $41.23B, 11,000 pre-orders, delivery delayed to fall 2021
Nikola Corporation - $4.25B, lowered delivery guidance of 25/50 vehicles for 2021
Fisker Inc - $3.917B, >17,000 pre-orders, value of $637,483,000
Faraday Future - $3.66B, 300 FF 91 Vehicles, value of $54,000,000 delivery in 2022
Canoo – $1.63B, 19,500 pre-orders (9,500 individual + 10,000 front door collective), value of $643,500,000, delivery fall 2022 for LV, 2023 for MPDV
Company A (market cap too low, has a DOJ investigation ongoing and issued a going concern for whether it would have cash to make it to production) - $1.2B
Just looking at a couple of examples here it would seem that Canoo is undervalued purely on a pre-orders/revenue perspective. Fisker and Faraday Future, which are both expected to deliver in 2022 as is the case with Canoo, have over double the market cap despite Canoo having similar preorder value (compared to Fisker) or much higher (compared to Faraday Future). Haven’t done a cash flow analysis of every company but even taking into consideration Fisker having $400M more in cash on hand source, there’s a significant discrepancy. Faraday Future meanwhile has less than half of Canoo’s cash on hand at $230M link. Part 6 – Bear Case With anything pre-revenue, the biggest issue is always going to be do we have enough cash to get the product off the ground imo. I could write a really long paragraph but yea that’s pretty much it in a sentence. Since I’m on the bullish side for the company, I’ll lay out a few reasons why I think Canoo won’t be running out of $$$ before it comes to market – these have mostly been stated here and there throughout this document but I’ll summarize them below:
As of Canoo’s second quarter 10Q, the company had cash on hand of $563.6 million which according to the company is more than sufficient to cover the cost of bringing the Lifestyle Vehicle to market.
Oklahoma is providing an incentive package that totals over $300 million, and may kick in millions more based on whether Canoo hits or exceeds a target of hiring military veterans to make up 10 percent of the workforce at the facility.
EV funding is a significant portion of the upcoming budget, this is less grounded than the others but there is assumedly some hopium that Canoo would be able to receive some federal support if needed.
The company could take on debt to assist in getting to production – H.C. Wainwright in their coverage indicated that they expect $500M to $525M in funding could be raised in debt to 2023. Tony has previously stated that they are looking for as non-dilutive an approach as possible, and given the current SP it wouldn’t make much sense to go the additional equity route.
In May, the SEC opened a fact-finding inquiry into Canoo as it did with many former EV SPACs, unlike others such as NKLA and (Company A) – nothing further has come as of yet, nor have any DOJ investigations been launched.
Part 7 – SI and Squeeze Potential I know y’all have just been waiting for this so I’ll get right down to it. Famously developed by the esteemed pennyether, the SMELL system is going to help us take a look at some key numbers that’ll help understand GOEV’s squeezability.
Short Interest – 31.8 million shares, 32% of free float
Market Cap – $1.63 Billion, not big enough that it’s immovable, not small enough that shorts would be able to cover without investing a decent amount of capital
Extremely Memeable – I mean… GOEV, like Go… EV, idk I think it ticks off the memeability criteria
Low Liquidity – Average volume per yahoo finance is 2.7M shares, which is 2.7% of the free float so any inflow will cause the share price to move pretty significantly. Over the last quarter, it seems that institutions have been loading up on Canoo for cheap, with institutional inflows of $177M and only $2.56M sold link
Low Risk (IV) – Yep, current IV is 77.1% for 9/24 and 10/1 options. Please do NOT consider this financial advice, like at all, but if you’re one of the folks who look to just buy options for the sake of contributing to a gamma squeeze, take a look at the post by ChemaKyle on how buying far OTM options and how it’s not the best idea if you want the MMs to hedge. There’s not much of a need to hedge vs something that doesn’t have a ramp up and no OI at the ATM values. I’d agree with his/her post and the commentators that buying ATM options and the underlying shares would have a greater chance at causing a gamma squeeze, but this is something you should research and do your own DD on as well based on your risk tolerance and investment threshold.
Part 8 – TL;DR The global EV market is expected to be valued at $725.1 Billion by 2026, growing at a CAGR of 27.19% from $171.26 in 2021, with total EV sales growing from 2.5 million in 2020 to 11.2 million in 2025, then reaching 31.1 million by 2030. EVs would secure approximately 32 per cent of the total market share for new car sales. The US electric vehicles market is now expected to reach 6.9 million unit sales by 2025, up 5x from 1.4 million unit sales forecast for 2020, due to government incentives driving EV ownership. President Biden is seeking a pledge from auto manufacturers that would see EVs make up 40% - 50% of new U.S. vehicle sales by 2030, to support this EV tax credits jump to $12,500 in the proposed $3.5 trillion budget blueprint Democrats passed a couple of weeks ago. In August, the Senate in a non-binding amendment narrowly voted in favor of prohibiting taxpayers from claiming EV tax credits if they make more than $100,000 annually or if vehicles cost more than $40,000. Either way, this is huge for Canoo which is offering base models of the Lifestyle Vehicle and MPDV at <$35,000, with the base pickup model expected to be priced similarly. Canoo aims to disrupt the current automotive model by taking a piece of the 70-80% of the portion of vehicle lifetime profit which is generated after the first owner and traditionally ignored by manufacturers. Canoo aims to change this by targeting multiple owners after the first purchase i.e. owners 2-4, offering customers the ability to upgrade the model of whichever vehicle they have or switch them entirely as the platform on which the vehicles are built is the same. Canoo is targeting the most attractive segments at a lower incremental cost. The most profitable and highest carbon dioxide emitting segments are pickups and SUVs, with $115B+ accounting for 90% of 2020 profit pool in US, and ~60% of the transportation emissions (Canoo is targeting these segments with its Lifestyle Vehicle and Pickup) and targeting one of the fastest growing segments of delivery vans, for which ~2M more delivery vehicles will be needed globally by 2030, with its MPDV. To facilitate this disruption, Canoo has developed the world’s flattest skateboard platform, which enables class-leading passenger and cargo volume on a small vehicle footprint. Canoo’s Chairman Tony Aquila mentioned that the company was focused on a product lineup that fits in the gaps of everybody else’s lineup… take the turning radius of a Prius, the size of a Ford Ranger, Payload of F-150 and sell it as one vehicle. The use, and subsequent re-use of the skateboard platform enables significant cost savings and risk reductions, with the platform providing a strong business advantage as it is consistent across Canoo’s vehicle lineup. If a project is started for a new vehicle which will have the skateboard platform as its foundation, they will be able to carryover engineer and labor, ~half, from one project to the next.
45% - 55% labor savings for new variants developed
57% of the BOM cost carryover across variants (compared to ~25% on ICE)
70% of critical functions are delivered by the platform.
If we take a look at the funding incentives being proposed for consumers e.g. with the LV, the maximum federal rebate would be $12,500, and if we add in state incentives e.g. Illinois with it’s $4,000 rebate – that turns into $16,500. The LV is priced at $34,750 which means that post-rebates you’re getting it at almost half the price, pretty ridiculous in comparison to ICE vehicles, add in tighter emissions standards for ICE vehicles and Canoo starts looking pretty good. Shout out to all of y'all in this subreddit for always going above and beyond for sharing things, attending events and the like. Y'all the real MVPs.
Convert session times to your local time: Here *Please note all on-demand, reports and results will be update when available on MotoGP.com Gran Premio Motul de la Comunitat Valenciana: Length: 4.0km (2.49 miles) Distance: MotoGP: 27 laps, 108.1 km (67.2 miles) |Moto2: 25 laps, 100.1 km (62.3 miles) |Moto3: 23 laps, 92.1 km (57.3 miles) All Time Lap Record: MotoGP: Jorge Lorenzo, Movistar Yamaha MotoGP, 2016, 1'29.401 |Moto2: Stefano Manzi, MV Agusta Forward Racing, 2020, 1'34.418 |Moto3: Darryn Binder, CIP Green Power, 2020, 1'38.286 2020 Pole Position: MotoGP: Franco Morbidelli, Yamaha, 1'30.191 |Moto2: Stefano Manzi, MV Agusta, 1'34.418 |Moto3: Darryn Binder, KTM, 1'38.286 2020 Fastest Lap: MotoGP: Jack Miller, Ducati, 1'31.378 |Moto2: Hector Garzo, Kalex, 1'35.291 |Moto3: Sergio Garcia, Honda, 1'38.858 2020 Winners: MotoGP: Franco Morbidelli, Petronas Yamaha SRT |Moto2: Jorge Martin, Red Bull KTM Ajo |Moto3: Tony Arbolino, Rivacold Snipers Team Official Event Program: Here Valencia GP Weather: Here Valencia GP Track Map: Here_track_map.svg) Valencia GP OnBoard Lap: Here Last Time Out in 2021,Algarve GP: MotoGP Race|Moto2 Race|Moto3 Race Last Time Out At Valencia GP, 2020:MotoGP Race|Moto2 Race|Moto3 Race Current 2021 Championship Standings:MotoGP|Moto2|Moto3|MotoE Follow#ValenciaGPon social media for all updates on MotoGP Social Media Links: Join us on Discord: #motogp on discordapp.com Follow our Twitter feed of all threads: @MotoGPSubreddit on twitter.com The official MotoGP Podcast is available on: Apple Podcasts, Google Podcasts & Spotify. Join all official MotoGP Social Media Accounts: Facebook, Twitter, YouTube & Instagram. MotoGP's Official 2021 Video Game Can Be Purchased: Here Enjoy /MotoGP? Go over and check out WSBK & /BritishSuperbikes Feedback/Rules: Feel free to leave feedback and improvements on the subreddit by sending us the mods a message. Please also read over our subreddit rules Here before posting, Thank you.
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