Canoo (NASDAQ: GOEV) has been one of the market's worst-performing electric vehicle stocks. It started trading at $22.75 a share on Dec. 22, 2020, after merging with a special purpose acquisition company (SPAC), but it's now worth about $1 a share.

Canoo's stock collapsed for four reasons. First, it hasn't shipped a single vehicle despite initially claiming it could produce up to 6,000 vehicles in 2022. Second, it abruptly ended its engineering partnership with Hyundai, which it had cited as a major long-term catalyst, in early 2021. Third, those broken promises triggered a Securities and Exchange Commission (SEC) investigation and a class action lawsuit. Lastly, Canoo continued to burn cash as its liquidity dried up.

Image source: Canoo.

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Source Fool.com