The irony/tragedy is that i almost sold all shares that late day in June 2021 when ELMS briefly touched $12 in intraday trading and then began to fade. I could have sold everything in upper $11s. It was the ONLY GREEN DAY i had experienced since starting to heavily buy shares in Jan.-Feb. 2021.
Little did i know that Big Money was going to bearishly sell off the EV sector so very hard almost ALL YEAR LONG and then again into this year.
The ELMS investment still "made sense" b/c of it having that former GM factory, relatively low debt, and very little startup costs compared to almost all other EV startups. I figured the shipping container costs would be brought down and ELMS could become profitable sometime in 2023.
Wedbush analyst Dan Ives in his downgrade note yesterday remarked “James Taylor and Jason Luo were the linchpins to the ELMS strategic and holistic vision. Their experience in the automotive industry was unmatched along with their unique relationships with the China OEM market. With both gone [sic] under dark cloud circumstances, the ELMS bull story is tossed out the window. The only reason we are not downgrading to sell is because of the inherent value of the company’s core franchise and potential M&A value.”
I disagreed with Ives here yesterday, noting on this board that the "expertise" of CEO Taylor isn't gone, since he is staying on as a well-paid consultant for the next 2 years.
So Ives' remark doesn't logically make sense.
But the pessimism being shown by Ives and now Volkmann is contagious and influential and will keep too many people away from investing in ELMS for at least the short to medium term.
