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Shares of EV start-up Canoo surge as much as 14% on new electric pickup truck


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

Canoo

Shares of electric car start-up Canoo jumped by as much as 14% throughout intraday buying and selling Thursday after the automaker detailed plans for a new bubbly trying pickup truck.

The unnamed car includes a rounded, snub-nosed entrance finish with comparable lighting and design components to an electric van the corporate introduced final yr. Canoo stated it designed the pickup “to be the most cab-forward and space efficient on the market, with massive cargo capacity on the smallest footprint possible.” Auto web site Jalopnik in contrast the design to a retro Volkswagen van or pickup from the 1950s.

Canoo, which went public by means of a reverse merger with Hennessy Capital Acquisition Corp. in December, is the newest firm to announce plans for an all-electric pickup truck.

General Motors, Tesla, Rivian and Lordstown Motors are anticipated to start manufacturing of electric pickup vehicles later this yr, adopted by Ford Motor in 2022. Canoo needs to deliver its pickup to market as early as 2023.

Canoo needs to deliver its electric pickup to market as early as 2023, nonetheless manufacturing particulars weren’t introduced.

Canoo

Several of the merchandise have been delayed as a result of impacts type the coronavirus pandemic and different circumstances. Tesla CEO Elon Musk stated, on the corporate’s most up-to-date earnings name, “So, we finished almost all of the Cybertruck engineering.” He added, “If we get lucky, we’ll be able to do a few deliveries towards the end of this year. But I expect volume production to be in 2022.”

Despite the quantity of anticipated entries, EV pickups are a totally unproven car section. But legacy automakers such as GM and Ford, which rely closely on pickups for income, are trying to defend their main market shares towards newer, all-electric corporations.

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

Canoo

While Canoo’s pickup stands out from others concerning its bubble-like design, its introduced 200-mile vary is decrease than different opponents. GM’s Hummer EV pickup will obtain greater than 350 miles, whereas Tesla has stated its Cybertruck will vary from 250 miles to greater than 500 miles.

Canoo’s first autos are anticipated to be all-electric shopper and supply vans starting in 2022. The firm has not introduced particular plans for manufacturing, nevertheless it has a strategic relationship with auto provider and contract producer Magna International.

– CNBC’s Lora Kolodny contributed to this report.



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