Fair valuations for EV sector

$Volcon (VLCN.US)$ $Canoo (GOEV.US)$ $Zapp Electric Vehicles (ZAPP.US)$ Fair valuations for EV sector according to Morningstar. Top 3 most undervalued are small caps:

GOEV Market cap: 139m
VLCN Market cap: 8m
ZAPP Market cap: 36m

VLCN has recently received 12m from institutional investors and has stated they now have almost no debt and shareholder equity in excess of 15m. Company has agreed not to issue shares till October. Is working with US Army R&D division