Canoo

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Not to be confused with canoe.
Canoo Inc.
FormerlyEvelozcity (2017–2019)
TypePublic
Nasdaq: GOEV
IndustryElectric Vehicles
Founded2017; 4 years ago (2017)
FounderStefan Krause
Ulrich Kranz
Headquarters
Bentonville, Arkansas
,
U.S.
Key people
ProductsElectric van, Multiple purpose delivery vehicle, Pickup truck
Number of employees
800 (2021)
Websitewww.canoo.com
Canoo electric van

Canoo is a startup American manufacturer of electric vehicles. The company plans to sell a minivan in the year 2022.[1][2] The company's also plans to produce commercial electric vehicles such as vans for vehicle rental and ride sharing services.[3]

The company has engineering services located in Torrance, California, near Los Angeles, California. The company has operations in Justin, Texas.

History[]

Canoo was founded in 2017 under the name Evelozcity by Stefan Krause and Ulrich Kranz. Krause worked for Deutsche Bank as its chief financial officer while Kranz worked for BMW as a senior executive. Both men met at rival EV company Faraday Future before leaving together to form their own company in 2017 due to disagreement with Faraday Future's leadership. Upon founding Canoo, Krause took on the role of chief executive officer at Canoo while Kranz became Canoo's chief technology officer.[4] The company received its primary funding from Chinese investor Li "David" Pak-Tam/Botan and German entrepreneur David Stern.[5][6]

In April 2018, Canoo hired Karl-Thomas Neumann, the former head of Opel as a senior executive.[7]

In March 2019 the company was renamed from Evelozcity to Canoo.[8]

In July 2019, Karl-Thomas Neumann left Canoo while remaining as an investor in the company.[9]

In September 2019, the company presented its first vehicle prototype, the electric van Canoo.[10]

In February 2020, Hyundai Motor Group, the parent company of Hyundai Motors and Kia Motors, announced that the company will partner with Canoo on the joint development of a new electric vehicle platform. The platform would be utilized for compact vehicles as well as fleet vehicles such as shuttles. The deal is part of Hyundai's Strategy 2025 program which will see Hyundai investing $87 billion USD for five years starting in 2020.[11][12][13]

In July 2020, co-founder Stefan Krause left the company. He had previously taken an extended leave of absence from Canoo in August 2019 in order to address family matters. Co-founder Ulrich Kranz assumed the role of permanent CEO upon Krause's departure.[14][15]

Also in July 2020, Canoo was featured on the TV program Jay Leno's Garage.[16]

In September 2020, Canoo announced a merger with the special purpose acquisition company Hennessy Capital Acquisition Corp. IV. (NASDAQ:HCACU.O), with the intent to list Canoo on the NASDAQ with a valuation of $2.4 billion.[17] The expectation was to raise $300 million to help finance the production of the Canoo minivan, planned for launch in 2022.[18][19] On December 22, 2020, Canoo completed its merger with Hennessy Capital Acquisition Corp IV. and was listed on the NASDAQ under the ticker symbol (NASDAQ:GOEV).[20]

A few days before its stock exchange entry, the company announced its MPDV - Multi-Purpose Delivery Vehicle - product line. The entry level van is expected to sell for $33,000 when it arrives in limited quantities in 2022, ramping up to volume production in 2023.[21][22][23][24]

In mid-January 2021, The Verge reported that, in the first half of 2020, Canoo had been in talks with tech giant Apple for a potential role in its secretive Titan car project.[25][26]

On March 11, 2021, Canoo announced an electric pick-up truck set to release in 2023.[27][28] Canoo will offer both single-motor and dual-motor all-wheel drive options for their pick-up truck, with the latter being capable of producing 600 horsepower and 550 foot-pounds of torque.[27] The company also said that the truck will have 200+ miles (322 km) of range and a 1,800 pound payload capacity.[27] After the announcement, shares of the company rose by 14%.[28]

It was later announced in March 2021 that Canoo had terminated its partnership with Hyundai Motor Group due to a change in corporate strategy. The company also announced that it would shift away from vehicle subscriptions to selling commercial vehicles.[29]

On April 22, 2021, the company announced that co-founder and CEO Ulrich Kranz was stepping down and would be replaced by Chairman Tony Aquila as CEO.[30]

In April 2021, the U.S. Securities and Exchange Commission launched an investigation into Canoo after its merger with Hennessy Capital Acquisition Corp. IV due to a string of executive departures, sudden changes to its business model, and class-action lawsuits brought by shareholders.[31]

On June 17, 2021 the company announced they would build a new factory in Pryor, just outside Tulsa, Oklahoma to manufacture all of their future vehicles.[32][33] The plant will be used to build "pod-shaped vans it calls 'lifestyle vehicles' beginning in 2023."[34] The same day Dutch media reported that the Dutch company VDL Nedcar would start producing Canoo Minivans for the European market.[35]

On November 15, 2021, the company announced it would move its headquarters to Bentonville, Arkansas and establish a manufacturing plant there as well. [36]

List of Canoo vehicles[]

This is a list of the 3 Canoo vehicles planned for production in one to two years.

Model Year planned to be sold Update/facelift Vehicle description
2022 2022 A Sport utility vehicle with options of 5 and 7 seats and a 250-mile range.[37]
2023 2023 Has a 200+ mile range and a bed with options of 6 or 8 feet in length.[38]
2022 2022 A Van that is designed for businesses and has two models. The MPDV1 has between 130 and 230 miles of range and the MPDV2 has between 90 and 190 miles of range. However, the MPDV2 is a bit larger than the MPDV1.[39][40]

External links[]

References[]

  1. ^ "Canoo's electric microbus will start under $35,000 when it comes to market next year". TechCrunch. Retrieved 2021-05-17.
  2. ^ O'Kane, Sean (2021-05-17). "Canoo's electric van will start at $34,750". The Verge. Retrieved 2021-05-17.
  3. ^ Wirtschaftswoche. "E-Auto-Start-up aus Los Angeles: Canoo geht an die Börse". www.wiwo.de (in German). Retrieved 2020-09-19.
  4. ^ O'Kane, Sean (13 March 2018). "How Faraday Future's former 'savior' plans to take on the EV market". The Verge. Retrieved 12 November 2020.
  5. ^ Korosec, Kirsten. "EV subscription startup Canoo, co-founder sued for alleged harassment". www.techcrunch. TechCrunch. Retrieved 13 January 2021.
  6. ^ O'Kane, Sean (8 October 2019). "EV startup Canoo's mysterious backers named in new harassment lawsuit". www.theverge.com. The Verge. Retrieved 13 January 2021.
  7. ^ Manthey, Nora (23 April 2018). "Ex-Opel boss KT Neumann joins Evelozcity". www.electrive.com. Electrive. Retrieved 13 January 2021.
  8. ^ magazin, manager. "Evelozcity: Deutsch kalifornisches Startup heißt jetzt Canoo - manager magazin - Lifestyle". www.manager-magazin.de (in German). Retrieved 2020-09-19.
  9. ^ Hampel, Carrie (18 July 2019). "Former Opel boss Neumann leaves Canoo". www.electrive.com. Electrive. Retrieved 13 January 2021.
  10. ^ Valdes-Dapena, Peter (25 September 2019). "This electric 'lounge on wheels' could be yours -- by subscription only". www.CNN.com. CNN. Retrieved 2020-09-19.
  11. ^ O'Kane, Sean (11 February 2020). "Hyundai will build electric vehicles with EV startup Canoo". The Verge. Retrieved 12 November 2020.
  12. ^ Randall, Chris (11 February 2020). "Canoo & Hyundai to co-develop EV platform". Electrive. Retrieved 12 November 2020.
  13. ^ Strong, Michael. "Hyundai Partnering with Specialty EV Maker Canoo". The Detroit Bureau. Retrieved 12 November 2020.
  14. ^ Hampel, Carrie (17 August 2019). "Stefan Krause steps down as CEO of Canoo". www.electrive.com. Electrive. Retrieved 13 January 2021.
  15. ^ Randall, Chris (19 June 2020). "Canoo founder Krause leaves the company". www.electrive.com. Electrive. Retrieved 13 January 2021.
  16. ^ "Inside Look At New Car Company Canoo - Jay Leno's Garage". 2020-07-05.
  17. ^ Klayman, Ben (18 August 2020). "U.S. EV startup Canoo to go public at $2.4 billion valuation". www.reuters.com. Thomson Reuters. Retrieved 13 January 2021.
  18. ^ Ohnsman, Alan. "Los Angeles EV Startup Canoo Rides SPAC Wave With Plan For Speedy Nasdaq Listing". Forbes. Retrieved 2020-09-19.
  19. ^ Korosec, Kirsten. "Electric vehicle startup Canoo to go public via SPAC". TechCrunch. Retrieved 2020-09-19.
  20. ^ Kilgore, Tomi. "EV maker Canoo's stock set to surge under new ticker symbol 'GOEV'". www.marketwatch.com. Dow Jones. Retrieved 28 December 2020.
  21. ^ Palmer, Zac (2020-12-18). "Canoo MPDV is an electric work van that starts at $33,000". Autoblog. Retrieved 2021-04-05.
  22. ^ Hyatt, Kyle (2020-12-17). "Canoo aims to reinvent the work van with the Multi-Purpose Delivery Vehicle". Roadshow. Retrieved 2021-04-05.
  23. ^ Canoo (2020-12-17). "Canoo Unveils Fully-Electric Multi-Purpose Delivery Vehicle to Offer Best-in-Class Total Cost of Ownership". www.prnewswire.com. Retrieved 2021-04-05.
  24. ^ "Canoo Multi-Purpose Delivery Vehicle Reveal". YouTube. 2020-12-17.
  25. ^ O'Kane, Sean (2021-01-12). "Exclusive: Apple held talks with EV startup Canoo in 2020". The Verge. Retrieved 2021-04-05.
  26. ^ "Canoo soars 20% on report that Apple held talks last year with the EV startup on potential investment". www.msn.com. Retrieved 2021-04-05.
  27. ^ a b c Edelstein, Stephen (2021-03-11). "Canoo unveils a cute electric pickup truck that's ready for the outdoors". Digital Trends. Retrieved 2021-03-12.
  28. ^ a b Wayland, Michael (2021-03-11). "Shares of EV start-up Canoo surge as much as 14% on new electric pickup truck". CNBC. Retrieved 2021-03-12.
  29. ^ Manthey, Nora (5 April 2021). "Hyundai-Kia won't use Canoo EV platform it appears". www.electrive.com. Retrieved 16 May 2021.
  30. ^ "Executive Chairman Tony Aquila Also Named CEO of Canoo to Lead Next Phase of Company's Growth".
  31. ^ "Canoo is being investigated by the SEC". TechCrunch. Retrieved 2021-05-18.
  32. ^ "Canoo will build its electric vehicles at a new Oklahoma factory". The Verge. June 17, 2021. Retrieved June 17, 2021.
  33. ^ "U.S. electric vehicle startup Canoo to build plant in Oklahoma". Reuters. 2021-06-17. Retrieved 2021-09-14.
  34. ^ "U.S. electric vehicle startup Canoo to build plant in Oklahoma". Reuters. 2021-06-17. Retrieved 2021-09-14.
  35. ^ "Canoo will build its electric vehicles in Born, the Netherlands". NOS. June 17, 2021. Retrieved June 17, 2021.
  36. ^ "Canoo is setting up headquarters in Walmart's hometown, picks Panasonic as battery supplier". TechCrunch. Retrieved 2021-11-28.
  37. ^ "Canoo Vehicle". www.canoo.com. Retrieved 2021-11-06.
  38. ^ "Pickup Truck". www.canoo.com. Retrieved 2021-11-06.
  39. ^ "Multi-Purpose Delivery Vehicle". www.canoo.com. Retrieved 2021-11-06.
  40. ^ Hermanson, Marissa (2021-02-24). "MPDV Electric Van by Canoo". Dwell. Retrieved 2021-11-06.
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