Canoo – COOPER GENERAL NEWS

The EV start-up Canoo presented its electric pickup on March 11, 2021.

Canoo

Electric vehicle startup Canoo’s shares rose as much as 14% during intraday trading Thursday after the automaker drew up plans for a new, bubbly-looking pickup truck.

The unnamed vehicle features a rounded front end with a snub nose and similar lighting and design elements to an electric vehicle that the company announced last year. Canoo said it designed the pickup truck to be “the most cabin-rich and space-efficient on the market, with massive loading capacity in a small space.” Auto website Jalopnik compared the design to a retro Volkswagen or pickup from the 1950s.

Canoo, which was formed in December through a reverse merger with Hennessy Capital Acquisition Corp. went public is the latest company to announce plans for an all-electric pickup truck.

General Motors, Tesla, Rivian and Lordstown Motors are expected to start producing electric pickups later this year, followed by Ford Motor in 2022. Canoo plans to launch its pickup as early as 2023.

Canoo plans to launch its electric pickup truck as early as 2023, but production details have not been disclosed.

Canoo

Some of the products have been delayed due to the effects of the coronavirus pandemic and other circumstances. Elon Musk, CEO of Tesla, said in the company’s latest earnings statement, “So we’ve completed almost all of the cybertruck technology.” He added, “If we’re lucky, we can make some deliveries towards the end of this year, but I expect volume production will begin in 2022.”

Despite the amount of expected entries, EV pickups are a completely unproven vehicle segment. But older automakers like GM and Ford, which rely heavily on pickups for profit, are trying to defend their leading market shares against newer all-electric companies.

The EV start-up Canoo presented its electric pickup on March 11, 2021.

Canoo

While Canoo’s pickup stands out from the crowd with its bubble-like design, its advertised range of 200 miles is less than other competitors’. GM’s Hummer EV pickup truck will reach more than 350 miles, while Tesla has announced that its cybertruck will range from 250 miles to more than 500 miles.

Canoo’s first vehicles are expected to be fully electric consumer and delivery vans from 2022. The company has not announced any specific production plans, but has a strategic relationship with auto supplier and contract manufacturer Magna International.

– CNBC’s Lora Kolodny contributed to this report.

Canoo’s van – known as a multi-purpose delivery vehicle (MPDV) due to its equipment options – is designed for commercial customers.

Canoo

Electric vehicle start-up Canoo unveiled a new van on Thursday ahead of its public debut on Nasdaq next week.

The futuristic-looking van, known as a multi-purpose delivery vehicle (MPDV) due to its equipment options, is designed for everything from last-mile deliveries to food trucks, according to the California company. It is expected to start at around $ 33,000.

“There are many use cases that this vehicle can perform,” said Tony Aquila, chairman of Canoo, a major investor in the company, during a video reveal of the MPDV. “We wanted it to look very chic and modern and at the same time be very affordable.”

Production of the vehicle is scheduled to begin in 2022 and start in 2023. The company did not disclose any specific production plans, but previously announced a strategic relationship with auto supplier and contract manufacturer Magna International.

Such commercial vehicles are expected to be a major driver of the sales of profitable electric vehicles for the automotive industry. It’s a segment that startups and older automakers want to get into quickly in the years to come. Ford Motor, which leads commercial vehicle sales, plans to release an electric vehicle in 2021, followed by an electric version of its F-150 pickup truck the following year.

Interior of the Canoo delivery van, also known as the multipurpose delivery vehicle or MPVD.

Canoo

Canoo said the MPDV will come in two sizes with different EV ranges and battery sizes. The company says the smaller van, known as MPDV1, is expected to range between 130 miles and 230 miles, while the larger van, MPDV2, is between 90 miles and 190 miles based on battery sizes. Canoo takes reservations and refundable deposits of USD 100 for the vehicles on its website.

Canoo is part of a wave of new speculative EV start-ups that are planning to enter the market through reverse mergers with special purpose vehicles, also known as blank check companies, after the IPO. The company announced its merger agreement with Hennessy Capital Acquisition Corp. in August. known.

Canoo is expected to be listed as “GOEV” on Tuesday after a general meeting on the Nasdaq to approve the merger on Monday. The deal is expected to provide Canoo with approximately $ 600 million to support the production and launch of electric vehicles.

Hennessy’s shares fell 10% to around $ 18 on Thursday lunchtime. The stock is still up around 69% since the deal with Canoo was announced on Aug. 18.

This is Canoo’s second planned vehicle. The first was a smaller, pill-shaped vehicle that was more intended for consumers. It is expected to be available via a company’s member-only vehicle service from 2022, according to Canoo.

During the vehicle reveal on Thursday, the company also teased a two-sheet car and pickup truck.

Correction: This story has been updated to take into account that Canoo’s expected ticker symbol is “GOEV”. The company had previously announced a ticker symbol for “CNOO”.