EV start-up Canoo unveils new vehicle ahead of NASDAQ debut

Canoo’s van – often known as a multipurpose supply vehicle, or MPDV, as a result of of the methods it may be upfitted – is designed for business clients.


Electric vehicle start-up Canoo unveiled a new supply van Thursday ahead of its public debut on the NASDAQ subsequent week.

The futuristic-looking van – often known as a multi-purpose supply vehicle, or MPDV, as a result of of the methods it may be upfitted – is designed for every thing from last-mile deliveries to meals vans, based on the California firm. It is predicted to begin at round $33,000.

“There are many use cases that this vehicle can do,” Canoo Chairman Tony Aquila, a serious investor within the firm, mentioned throughout a video unveiling of the MPDV. “We wanted it to look very smart, very modern but at the same time be very affordable.”

Production of the vehicle is focused to start in 2022 and ramp up in 2023. The firm didn’t announce particular plans for manufacturing, nevertheless it has beforehand introduced a strategic relationship with auto provider and contract producer Magna International.

Such business autos are anticipated to be a key driver for the sale of worthwhile EVs for the automotive business. It’s a section start-ups and legacy automakers need to enter quickly within the coming years. Ford Motor, which leads business vehicle gross sales, plans to launch an EV van in 2021, adopted by an electrical model of its F-150 pickup the next 12 months.

Interior of the Canoo van, also referred to as a multipurpose supply vehicle, or MPVD.


Canoo mentioned the MPDV can be obtainable in two sizes with various EV ranges and battery sizes. The firm says the vary of the smaller van, often known as MPDV1, is predicted between 130 miles and 230 miles, whereas the bigger van, MPDV2, is between 90 miles and 190 miles primarily based on battery sizes. Canoo is taking reservations and $100 refundable deposits for the autos on its web site.

Canoo is an element of a wave of new speculative EV start-ups that plan to enter the market after going public by way of reverse mergers with particular objective acquisition corporations, also referred to as blank-check corporations. The firm introduced its merger deal with Hennessy Capital Acquisition Corp. in August.

Canoo is predicted to be listed on the NASDAQ as “GOEV” on Tuesday following a shareholder assembly to approve the merger on Monday. The deal is predicted to supply Canoo with roughly $600 million to help the manufacturing and launch of EVs.

Shares of Hennessy had been down 10% throughout noon buying and selling Thursday to about $18. The inventory continues to be up by about 69% for the reason that take care of Canoo was introduced on Aug. 18.

This is Canoo’s second deliberate vehicle. The first was a smaller, pill-shaped vehicle designed extra for customers. It’s anticipated to be obtainable by way of a membership-only vehicle service by the corporate starting in 2022, based on Canoo.

During Thursday’s vehicle unveiling, the corporate additionally teased what gave the impression to be a automobile and pickup truck beneath two sheets.

Correction: This story has been up to date to replicate that Canoo’s anticipated ticker image is “GOEV.” The firm had beforehand introduced a ticker image of “CNOO.”

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Written by Business Boy


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