Hi Kenneth,
Both are speculative. We recently did a custom report on GPV, so you can get our views on the company there. Interestingly, both companies are the target of notable short sellers. The difference between the short thesis on both can be summarized as follows:
GPV - questionable management team, over-reliant on CA subsidies
WKHS - Questionable product reliability, UPS contract delayed, ability to meet production volume
Between the two, GPV seems more advanced in their production and they have been producing/delivering vehicles over the the past year. WKHS is just starting out with but a handful of deliveries thus far. The expectation is for the company to ramp production to 100 vehicles per quarter in Q4 and to start working through its backlog of 1,200 orders. A backlog that has remained relatively stable over the past quarter.
Both are speculative and have been bid up thanks to EV momentum. I find it hard to justify's WKHS's current valuation $2.1B for a company that is only expected to generate $150M in revenue next year (IF all goes well). GPV has a market cap of $236M on expected revenue of $56M. That is quite a big valuation gap - especially when one considers that GPV appears to be further along in production. Given this, I think GPV is better positioned to meet estimates than WKHS. Not to mention, the are another dozen or so last mile delivery EV trucks in various stages of production from the likes of Reneaul, Mercedes, Nissan and VW.
The big reason why WKHS was bid up was because of the multi-billion dollar ($8B) UPS contract. A contract that has been pushed out, and is now not expected to be awarded until end of year. WKHS is one of three finalists. However, the expectations are for a small contract win, not enough to justify current valuation. If it surprises with a larger contract win, then the price will react positively but questions remain about its ability to deliver a big contract win.
Overall - both are highly speculative and not for the defensive investors. I think WKHS has more 'hope' built in to its price point, and it is likely to be more volatile and can move in a big was depending on the outcome of the UPS contract.
Mat