Canoo (NASDAQ: GOEV) was one of the many electric vehicle start-ups that went public by merging with a special purpose acquisition company (SPAC) in 2020. Just like many of those start-ups, Canoo initially impressed investors with some ambitious long-term forecasts but couldn't come anywhere close to meeting those projections.

Prior to going public, Canoo claimed it could generate $329 million in revenue in 2022 by selling 10,000 of its electric vans. But it didn't ship a single vehicle that year and it still hasn't mass-produced any vehicles yet.

As a result, its stock price plunged from an all-time high of $22 in December 2020 to less than $1 today. Is it too late to buy this out-of-favor EV maker? Or could it be a surprising turnaround play for daring investors?

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Source Fool.com