Daily Stock Watch: Atlis Motor Vehicles (AMV) Down -94% Since IPO

By Kirsteen Mackay


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Atlis Motor Vehicles debuts on the NASDAQ in September 2022. Since then the AMV share price has endured a brutal decline.

Why is AMV stock Rising?

Atlis Motor Vehicles (NASDAQ: AMV) debuted on the NASDAQ in September, with its share price soaring as much as 500%.

The government's push for electrification is hindered by commercial dependence on fossil fuels. Atlis aims to fix that by producing EV battery technology capable of EV usage comparable to current fossil fuel-based medium and heavy-duty trucks. This is a potential game-changer for EV adoption.

As the year comes to a close, AMV stock is down over -94%.

What Does Atlis Motor Vehicles Do?

Atlis Motor Vehicles is a mobility technology company that provides electric vehicle battery charging technology for passenger comfort and testing and maintenance services in the United States.

Atlis positions itself as a comprehensive electric vehicle technology ecosystem and battery company that is focused on creating an electric work truck, as well as the batteries needed to power it.

Of all US EV companies, Atlis is the only one to develop its own batteries and offer that technology to other companies. Its primary vehicle model, the XT, is built upon an electric vehicle technology platform, the XP Platform, designed for heavy and light-duty work trucks for use in the agriculture, service, utility, and construction industries. It is designed to meet the towing and payload capabilities of legacy diesel-powered vehicles.

Mark Hanchett, Atlis's CEO, commented on its IPO debut:

We are incredibly gratified to have reached this milestone in partnership with our pre-public investors, many of whom have been invested in the Company since its inception,

We now enter this exciting next phase of development for Atlis, in which we have achieved the milestone of becoming a publicly listed company, and now look forward to executing on an ambitious business plan to achieve revenue and profitability in an exciting and emerging market with significant opportunities to differentiate ourselves and tremendous potential to create, maintain and increase shareholder value.

Atlis Motor Vehicles was founded in 2016 and is based in Mesa, Arizona. 

How Does Atlis Motor Vehicles Make Money?

Atlis Motor Vehicles is not yet making any money. The company anticipates continuing to incur losses and generate negative cash flow from its operations. However, the company hopes to start generating revenue in 2023.

AMV Stock Financials

AMV debuted at an offering price of $27.50 per share and opened at $30.11. The company offered 1.85 million shares, and interest surged during the night. The following day Atlis share price saw a high of $243.99. Today its share price sits at $4.39.

The company posted a net loss of -$17.3m in the three months that ended June 30, 2022. Up from a -$6.2m loss Y/Y.

Atlis plans to use the proceeds of its IPO to recruit engineers, purchase additional battery testing equipment, expand its sales programs and finalize the production-level design for its XT pickup and XP platform.

Atlis Motor Vehicles Growth Potential

Last year, Atlis achieved essential milestones and built the foundation on which it plans to grow. This includes producing the first AMV battery cell, which charges in under ten minutes and successfully launching the ATLIS XT truck prototype.

Atlis is targeting the commercial sector, including construction, agriculture, mining, and fleet services, among others, as a key area for growth, as it believes that this segment is not fully served by current electric vehicle manufacturers.

Indeed, Atlis foresees the battery and medium to heavy-duty truck EV markets will grow to $560bn and $15.6bn, respectively, by the year 2030.

Additionally, recent legislation introduced by the United States Government has focused on moving away from traditional fossil fuel-powered vehicles toward the EV space.

Onwards and Upwards

Atlis has already designed and built proprietary battery technology to rival fossil fuel efficiency in trucks. This technology will allow for a maximum towing capacity of up to 35,000 pounds, a driving range of 300 – 500 miles, and the ability to charge a vehicle from zero percent to a full 100% in under fifteen minutes.

The company is also developing the XP platform. This skateboard chassis can power various models of work vehicles and streamline the vehicle maintenance process with standardized components that are easy to replace or repair. As part of this platform, the company intends to offer a scalable technology solution with a connected cloud, mobile, service and charging ecosystem that will provide what it believes will be unprecedented workflows and customer experience.

The company is also developing a 100% electric, full-sized work truck. 

Additionally, Atlis plans to provide services for its vehicles and platforms, including 1.5 Megawatt charging stations and a subscription service that covers maintenance, insurance and service costs.

Our plan is to begin to sell our proprietary battery packs beginning in fiscal year 2022, followed by the commercialization of our XP Platform in fiscal years 2022 and 2023 and finally, production and delivery of our XT pickup trucks in fiscal 2024.

AMV Stock Risks

  • The company incurs several expenses related to completing its ongoing R&D activities. And inflationary market conditions could increase these input costs.

  • The EV space is highly competitive, and stocks tend to perform with extreme volatility.

  • In early 2022, the company saw a significant increase in its costs year over year. And with the high expenses associated with going public, it is expected that this trend will continue.

Is AMV Stock a Good Investment?

As AMV has only recently gone public, it isn't easy to forecast future performance. If it can meet its projected milestones and begin generating revenue next year, that's sure to buoy investor interest. 

In the meantime, investors can expect share price volatility to continue.

Atlis Motor Vehicles Becomes NXU Inc. (NASDAQ: NXU)

In May 2023, NXU Inc. (NASDAQ: NXU), formerly Atlis Motor Vehicles, Inc., secured overwhelming shareholder approval to transform into a holding company. This change makes Atlis Motor Vehicles a subsidiary of Nxu, Inc. The reorganization aims to amplify value for both customers and shareholders. During a special meeting, almost 100% of the voting shares backed this structural shift and also greenlit an Omnibus Incentive Plan. This plan motivates Nxu's employees, directors, and consultants to invest in the company through stock-based rewards.

This structural change comes on the heels of Nxu's recent rebranding, which aligns the company more closely with its mission to advance electrification in mobility and infrastructure. Nxu will introduce its new ticker symbol, "NXU," on the Nasdaq market on May 15, 2023. This alteration leaves existing stock certificates untouched, and Nxu will conduct all future market activities under its new name and ticker symbol.

Specializing in battery technology, Nxu aims to bolster e-Mobility and energy storage solutions with its innovative technologies and subscription-based models.

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This article does not provide any financial advice and is not a recommendation to deal in any securities or product. Investments may fall in value and an investor may lose some or all of their investment. Past performance is not an indicator of future performance.

Kirsteen Mackay does not hold any position in the stock(s) and/or financial instrument(s) mentioned in the above article.

Kirsteen Mackay has not been paid to produce this piece by the company or companies mentioned above.

Digitonic Ltd, the owner of ValueTheMarkets.com, does not hold a position or positions in the stock(s) and/or financial instrument(s) mentioned in the above article.

Digitonic Ltd, the owner of ValueTheMarkets.com, has not been paid for the production of this piece by the company or companies mentioned above.

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