Online used car retailer Cazoo is suffering one of the worst post-pandemic hangovers of all the automotive tech stocks after its share place plummeted 85% since listing in August last year.
The company is not alone in falling out of favour among those that listed in the controversial SPAC method in a superheated 2021, but unlike other badly hit automotive stocks such as Nikola, Rivian and Lucid, Cazoo does actually generate decent revenue, if not profits yet.
By the end of last year, the company had delivered more than 60,000 used cars to customers in its distinctive covered vans since starting in December 2019 and in the first quarter this year generated revenue of £295 million, up 159% on the same period last year.