Canoo to Launch First Electric Vehicle in 2022

The Los Angeles-based electric vehicle startup, Canoo, is preparing to introduce its initial vehicle offering to the market in the coming year. The company announced on Monday that its electric microbus, which also functions as a van, will be available for purchase in 2022. The starting price will be $34,750, excluding any applicable tax incentives or additional features.

Currently, Canoo is accepting preorders throughout the United States for this “lifestyle” vehicle. Preorders are also being taken for its uniquely designed, round-top pickup truck and a multi-purpose delivery van.

Vehicle Pricing and Availability

While specific pricing details for the pickup truck and delivery van haven't been released, Canoo indicated that deliveries of the pickup are expected to commence as early as 2023. Production of the delivery van is also slated to begin around the same timeframe. A $100 deposit per vehicle secures a customer’s reservation.

The lifestyle van will be offered in four distinct trims: base, premium, adventure, and Lifestyle Vehicle Delivery. The top-tier “adventure” trim, featuring increased ground clearance and a more robust build, is currently without a published price.

The base, delivery, and premium models will be priced at or below $49,950, according to the company. Canoo anticipates the lifestyle van will generate 300 horsepower and 332 pound-feet of torque, coupled with a battery range of 250 miles.

Unique Platform and Design

Canoo is adopting a different approach compared to many other electric vehicle manufacturers. The company’s three vehicle models all utilize a common, proprietary “skateboard” platform. This architecture integrates the batteries and electric drivetrain into a chassis positioned beneath the vehicle’s passenger compartment.

This design choice fosters a consistent aesthetic across the vehicle lineup, characterized by a wide front windshield and a relatively low profile.

Differentiating the Canoo Pickup

The company is particularly distinguishing itself with its electric pickup truck, scheduled for production in early 2023. Unlike competitors like Ford and Rivian, who are prioritizing size and power with their F-150 Lightning and R1T trucks, Canoo’s pickup is smaller and presents a more unconventional appearance.

For comparison, the Rivian R1T measures 218 inches in length, while the Canoo truck will be considerably shorter at 184 inches. Canoo also projects a battery range exceeding 200 miles, which is less than the 300+ miles claimed by other EV truck manufacturers.

Currently, none of these manufacturers have released official range figures for towing scenarios.

Company History and Recent Developments

Canoo has experienced significant evolution since its inception as Evelozcity in 2017. The company was rebranded as Canoo in 2019 and subsequently merged with Hennessy Capital Acquisition Corp. in December of the previous year, resulting in a market valuation of $2.4 billion.

The current year has presented some challenges for the company. The announcement regarding the vehicle launch follows less than a month after the resignations of co-founder and CEO Ulrich Kranz, and General Counsel Andrew Wolstan.

Earlier in the year, Canoo also saw the departure of its Chief Financial Officer, Paul Balciunas, and its Head of Powertrain Development.

Partnership and Future Outlook

Canoo’s innovative skateboard architecture attracted the attention of Hyundai Motor Group, which announced plans in February to jointly develop an EV with Canoo based on this design. However, during a March investor call, Tony Aquila, who assumed the role of CEO following Kranz’s departure, indicated that this collaboration was effectively terminated.