As longtime readers know, I’m exceptionally bullish on electric vehicle stocks. But not all EV stocks are created equal. And one EV company that stands out from the rest in the best way possible is Canoo (NASDAQ:GOEV), which went public through a merger with Hennessey Capital Acquisition Corp. IV (NASDAQ:HCAC).

Here’s the story.

Electric vehicle stocks have been all the rage on Wall Street lately. With good reason. EVs represent the next generation of automobile transportation globally, and over the next decade, the combination of government support, falling costs, improving tech, and shifting consumer demand will pave the path for electric vehicles to take over the world.

But have you ever noticed how this next-generation of vehicles looks a lot like the old generation?

That is, regardless of the EV model – Tesla Model X, Fisker Ocean, NIO’s EC6, etc – they all look like internal combustion engine cars. Four wheels. Four doors. Two seats up front. Three seats in the back. Front, back, and side windows.

Despite all the innovation happening in the electric vehicle space today, there has not been any reimagining of the design of the cars.

Until now.

Until one company decided to quite literally reinvent the wheel.

That company’s name? Canoo. It’s ticker symbol? GOEV.

Canoo has distinguished itself in the crowded EV space as a hyperinnovative leader whose disruptive technology and business model could power enormous gains for early investors in GOEV stock over the next decade.

Here’s a deeper look:

The Loft on Wheels

We like to invest in innovation.

When it comes to innovation in the burgeoning electric vehicle space, Canoo has no rival, because the company is basically taking today’s “driving machine” cars, and turning them into a comfortable “lofts on wheels.”

The fairly young (Canoo was founded in late 2017), pre-production EV maker based in LA has created a new type of electric car that entirely reimagines transportation as you know it. The name of the car? You guessed. The Canoo.

This new Canoo car is built on a proprietary, modular skateboard platform that is uniquely designed to optimize the space of the vehicle. It has low floors, a wide base, and features the market’s first steer-to-wheel platform – which essentially removes all the motors from the hood of the car and allows Canoo to push the front two passenger seats right to the front.

The result?

A car that ostensibly looks like a beetle – without a hood or trunk – but which is basically a loft on wheels.

It’s spacious (188 cubic feet of passenger volume, versus 112 for a Tesla Model X). It’s comfortable (it sits like a semicircle booth at a restaurant with tons of leg space). And it looks more like a small room than the interior of a legacy car.

While you may chuckle at this ostensibly odd car design, it actually represents the future of cars. Here’s why.

Purpose-Built of the Era of Self Driving

We are exceptionally bullish on the Canoo because it is car that is purpose-built for the era of self driving.

Think about it. Today’s cars suck for self-driving, because they are designed to be driven. They aren’t comfortable. Relaxing in them is tough to do. You can’t really work, or watch movies and TV shows. Sleeping for passengers is awfully uncomfortable (though, admittedly, I’m one of those oddballs who falls asleep in every car whenever I’m not driving).

The Canoo – as a room on wheels – is designed to do all of those things. It’s designed to be relaxed in. It’s ultra comfortable. Exceptionally spacious. You can pull out your laptop and comfortably work. Or you can kick back and throw on a movie and relax.

It’s a car that is purpose-built for the era of self driving.

That’s a big deal, because we are on the cusp of self driving going from science fiction concept, to disruptive reality, thanks to technological breakthroughs in AI, machine learning, and LiDAR. As self-driving becomes a reality, consumer priorities around what they value in a car is going to change, from “I want something easy to drive” to “I want something I can relax and work in”.

Who is pioneering this new generation of cars designed for relaxation and work? Canoo. And who owns the patents behind the proprietary skateboard architecture that creates these ultra spacious vehicles? Also Canoo.

You’re going to start seeing cars that look the Canoo start to pop up everywhere by the mid-to-late 2020s. A healthy portion will be built on Canoo’s skateboard platform.

Thus, Canoo is equipped with the technological tools and platform to help define a new generation of cars purpose-built for self-driving. On that basis alone, GOEV stock looks like a compelling long-term buy.

Designed for Tomorrow’s Consumers

As if the “loft on wheels” revolutionary hardware innovation wasn’t enough, Canoo is also pioneering a new way to buy cars that is specifically designed for tomorrow’s car buyers.

Traditionally, consumers either owned or leased a vehicle. Canoo is disrupting this status quo with a pure subscription model.

It’s basically a direct-to-consumer leasing model, without a down payment and with a minimum term of just one month.

Say you want a Canoo vehicle. You download the Canoo app. You apply to be a member. Once approved, you pick your Canoo vehicle and time frame in months. You go and pick-up your Canoo, pay to use it every month, and return it at the end of the subscription. Minimum term: Just one month.

This new “Transportation-as-a-Service” business model is genius for two reasons.

One, it’s significantly higher margin. Because Canoo essentially “re-sells” the same vehicle multiple times throughout its life, the company generates significantly more revenue per vehicle than a legacy OEM, on the same cost basis, leading to 4X the margins on each vehicle.

Two, it aligns with today’s consumer interests. Everything is a subscription these days. Your shopping with Amazon (NASDAQ:AMZN). Your movies with Netflix (NASDAQ:NFLX). Your music with Spotify (NYSE:SPOT). Your workouts with Peloton (NASDAQ:PTON). Your kids’ education with Chegg (NASDAQ:CHGG).

Why not your car?

Indeed, that’s the direction we are headed – and Canoo is leading the way. That, of course, is a bullish development for GOEV stock.

Bottom Line on GOEV Stock

Zooming out, with Canoo you have arguably the most innovative EV maker in the world, with a proprietary hardware platform that could be the backbone of a new generation of self-driving cars, and a disruptive business model that could merge the burgeoning subscription economy with the rapidly changing auto market.

Sure, Canoo – with zero cars sold to-date and no cars planned until 2022 – is a moonshot.

But it’s a moonshot worth betting on, because its innovative foundation has the potential to unlock enormous long-term value.

So… if you’re looking for a differentiated, hyperinnovative way to play the EV megatrend, you should consider taking a position in GOEV stock today.