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Canoo

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Not to be confused with canoe.

Canoo Inc.
FormerlyEvelozcity (2017–2019)
Company typePublic company
IndustryElectric Vehicles
Founded2017; 7 years ago (2017)
Founders
  • Stefan Krause
  • Ulrich Kranz
Headquarters
Torrance, California
,
U.S.[1]
Key people
ProductsElectric van, Multiple purpose delivery vehicle, Pickup truck
Number of employees
805 (December 31, 2021)
Websitewww.canoo.com

Canoo is an American automotive startup based in Bentonville, Arkansas that develops and manufactures electric vehicles, and plans to sell a lifestyle vehicle in the year 2022.[2][3] The company also plans to produce commercial electric vehicles such as vans for vehicle rental and ride sharing services.[4]

The company has engineering services located at its original headquarters in Torrance, California, near Los Angeles, California. The company has operations in Justin, Texas and its main manufacturing plant is in Pryor, Oklahoma.

In May 2022, it was reported that Canoo was struggling to find funding, the company saying that it had only enough funding to operate for one more quarter.[5]

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. Krause took on the role of chief executive officer at Evelozcity, and Kranz became chief technology officer.[6] The company received its primary funding from Chinese investor Li "David" Pak-Tam/Botan and German entrepreneur David Stern.[7][8]

In April Evelozcity Canoo hired Karl-Thomas Neumann, the former head of Opel as a senior executive.[9]

In March 2019 Evelozcity was renamed Canoo.[10]

In July 2019, Karl-Thomas Neumann left Canoo while remaining as an investor in the company.[11]

First EVs: LV & MPDV

Canoo Lifestyle Vehicles, all-electric minivans

In September 2019, the company presented its first vehicle prototype, the electric van Canoo, which was later renamed to the Canoo Lifestyle Vehicle.[12]

In February 2020, Hyundai Motor Group, the parent company of Hyundai Motors and Kia Motors, announced that the company would partner with Canoo on the joint development of a new electric vehicle platform. The platform would be utilized for compact vehicles and for fleet vehicles such as shuttles. The deal is part of Hyundai's Strategy 2025 program which will see Hyundai investing US$87 billion for five years starting in 2020.[13][14][15]

In July 2020, co-founder Stefan Krause left the company. He had previously taken an extended leave of absence in August 2019 for family reasons. Co-founder Ulrich Kranz assumed the role of permanent CEO upon Krause's departure.[16][17]

Also in July 2020, Canoo was featured on the TV program Jay Leno's Garage.[18]

In September 2020, Canoo announced a merger with the special purpose acquisition company Hennessy Capital Acquisition Corp. IV. (NASDAQ:HCACU.O), intending to list Canoo on the NASDAQ valued at $2.4 billion.[19] The expectation was to raise $300 million to help finance the production of the Canoo minivan, planned for launch in 2022.[20][21] 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).[22]

A few days before its stock exchange debut, the company announced its MPDV (Multi-Purpose Delivery Vehicle) product line. The entry level van was expected to sell for $33,000 on arrival in limited quantities in 2022, ramping up to volume production in 2023.[23]

In mid-January 2021, The Verge reported that in the first half of 2020 Canoo had been in talks with Apple for a potential role in its secretive Titan car project.[24][25]

Corporate changes

On March 11, 2021, Canoo announced the Canoo Pickup Truck, an electric pickup truck set to release in 2023.[26][27] 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.[26] The company said that the truck would have 200+ miles (322 km) of range and a 1,800 pound payload capacity.[26] After the announcement, shares of the company rose by 14%.[27]

It was 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.[28]

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.[29]

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.[30]

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.[31][32] The plant will be used to build "pod-shaped vans it calls 'lifestyle vehicles' beginning in 2023."[33]

The same day, Dutch media reported that the Dutch company VDL Nedcar would start producing Canoo Minivans for the European market.[34] Later in the year, Canoo and VDL ended the manufacturing agreement.[35]

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

In January 2022, Canoo entered into a 10-year $17.7 million lease for a building in Bentonville, Arkansas for an "advanced industrialization facility" to be used for low-volume manufacturing.[37] In August 2022, Canoo disclosed they had contracted with a third party for their initial vehicle production.

Following receipt of orders in October 2022, Canoo announced construction of a vehicle battery production facility at the MidAmerica Industrial Park (MAIP) in Pryor, Oklahoma.[38] This was in addition to its earlier announcement of a vehicle production plant at MAIP capable of producing 300,000 vehicles per year.[39] In late November 2022, Canoo announced expansion in Oklahoma City by purchasing an existing 630,000 square foot plant to start vehicle production by 2023, prior to completion of its megafactory in Pryor.[40]

Firm orders

On April 13, 2022, NASA selected Canoo to supply crew transportation vehicles for its Artemis program, with a total contract value of $147,855.[41][42]

In May 2022, it was reported that Canoo was struggling to find funding, the company saying that it had only enough funding to operate for one more quarter.[5] It was also revealed around the same time that Canoo was suing investor Pak Tim Li, claiming they were selling shares improperly.[43]

In July 2022, Walmart entered into a definitive agreement to purchase 4,500 all-electric Lifestyle Delivery Vehicles (LDV) from Canoo, with an option to buy up to 10,000 in the future.[44] Under the terms, Walmart can terminate the agreement for convenience upon 30 days notice.[45]

In mid-October 2022, Canoo announced two major orders. Zeeba, a relatively unknown fleet leasing operation, also based in the LA area, ordered a combination of 5,450 LDVs and Lifestyle Vehicles (LV), with a binding commitment of 3,000 by 2024.[46][47][48] Some days later, Canoo announced its biggest sale to date, from Kingbee, a Utah-based work-ready van fleet rental company. In addition to the binding order of 9,300 LDVs, Kingbee has the option to double the order.[49][50] Kingbee outfits its vans for fleet customers in construction trades (electrical, plumbing, energy), delivery, and mobile health.[51]

List of planned Canoo vehicles

Canoo vehicles planned for production:

Model Available from Update/facelift Vehicle description
Lifestyle Vehicle 2022 2022 A Sport utility vehicle/Multi Purpose Vehicle with options of 5 and 7 seats and a 250-mile range.[52]
Sports Vehicle 2023 2023 A Sedan with options of 5 seats.
Pickup Truck 2023 2023 Has a 200+ mile range and a bed with options of 6 or 8 feet in length.[53]
MPDV 2022 2022 A Van that is designed for businesses and has two models. The MPDV1 has between 130 and 230 miles of range. The MPDV2 has between 90 and 190 miles of range and is a bit larger than the MPDV1.[54][55]

References

  1. ^ "Canoo Investor Relations".
  2. ^ "Canoo's electric microbus will start under $35,000 when it comes to market next year". TechCrunch. Retrieved May 17, 2021.
  3. ^ O'Kane, Sean (May 17, 2021). "Canoo's electric van will start at $34,750". The Verge. Retrieved May 17, 2021.
  4. ^ Wirtschaftswoche. "E-Auto-Start-up aus Los Angeles: Canoo geht an die Börse". www.wiwo.de (in German). Retrieved September 19, 2020.
  5. ^ a b Hawkins, Andrew (May 10, 2022). "EV startup Canoo is running out of cash and doubtful about its future". The Verge. Retrieved May 10, 2022.
  6. ^ O'Kane, Sean (March 13, 2018). "How Faraday Future's former 'savior' plans to take on the EV market". The Verge. Retrieved November 12, 2020.
  7. ^ Korosec, Kirsten. "EV subscription startup Canoo, co-founder sued for alleged harassment". www.techcrunch. TechCrunch. Retrieved January 13, 2021.
  8. ^ O'Kane, Sean (October 8, 2019). "EV startup Canoo's mysterious backers named in new harassment lawsuit". www.theverge.com. The Verge. Retrieved January 13, 2021.
  9. ^ Manthey, Nora (April 23, 2018). "Ex-Opel boss KT Neumann joins Evelozcity". www.electrive.com. Electrive. Retrieved January 13, 2021.
  10. ^ "Evelozcity: Deutsch kalifornisches Startup heißt jetzt Canoo". Manager Magazin (in German). March 25, 2019.
  11. ^ Hampel, Carrie (July 18, 2019). "Former Opel boss Neumann leaves Canoo". www.electrive.com. Electrive. Retrieved January 13, 2021.
  12. ^ Valdes-Dapena, Peter (September 25, 2019). "This electric 'lounge on wheels' could be yours -- by subscription only". www.CNN.com. CNN. Retrieved September 19, 2020.
  13. ^ O'Kane, Sean (February 11, 2020). "Hyundai will build electric vehicles with EV startup Canoo". The Verge. Retrieved November 12, 2020.
  14. ^ Randall, Chris (February 11, 2020). "Canoo & Hyundai to co-develop EV platform". Electrive. Retrieved November 12, 2020.
  15. ^ Strong, Michael. "Hyundai Partnering with Specialty EV Maker Canoo". The Detroit Bureau. Retrieved November 12, 2020.
  16. ^ Hampel, Carrie (August 17, 2019). "Stefan Krause steps down as CEO of Canoo". www.electrive.com. Electrive. Retrieved January 13, 2021.
  17. ^ Randall, Chris (June 19, 2020). "Canoo founder Krause leaves the company". www.electrive.com. Electrive. Retrieved January 13, 2021.
  18. ^ Inside Look At New Car Company Canoo. Jay Leno's Garage (Video). July 5, 2020. Archived from the original on July 6, 2020 – via YouTube.
  19. ^ Klayman, Ben (August 18, 2020). "U.S. EV startup Canoo to go public at $2.4 billion valuation". www.reuters.com. Thomson Reuters. Retrieved January 13, 2021.
  20. ^ Ohnsman, Alan. "Los Angeles EV Startup Canoo Rides SPAC Wave With Plan For Speedy Nasdaq Listing". Forbes. Retrieved September 19, 2020.
  21. ^ Korosec, Kirsten. "Electric vehicle startup Canoo to go public via SPAC". TechCrunch. Retrieved September 19, 2020.
  22. ^ Kilgore, Tomi. "EV maker Canoo's stock set to surge under new ticker symbol 'GOEV'". www.marketwatch.com. Dow Jones. Retrieved December 28, 2020.
  23. ^ Multiple sources:
  24. ^ O'Kane, Sean (January 12, 2021). "Exclusive: Apple held talks with EV startup Canoo in 2020". The Verge. Retrieved April 5, 2021.
  25. ^ "Canoo soars 20% on report that Apple held talks last year with the EV startup on potential investment". www.msn.com. Retrieved April 5, 2021.
  26. ^ a b c Edelstein, Stephen (March 11, 2021). "Canoo unveils a cute electric pickup truck that's ready for the outdoors". Digital Trends. Retrieved March 12, 2021.{{cite news}}: CS1 maint: url-status (link)
  27. ^ a b Wayland, Michael (March 11, 2021). "Shares of EV start-up Canoo surge as much as 14% on new electric pickup truck". CNBC. Retrieved March 12, 2021.{{cite news}}: CS1 maint: url-status (link)
  28. ^ Manthey, Nora (April 5, 2021). "Hyundai-Kia won't use Canoo EV platform it appears". www.electrive.com. Retrieved May 16, 2021.
  29. ^ "Executive Chairman Tony Aquila Also Named CEO of Canoo to Lead Next Phase of Company's Growth".
  30. ^ "Canoo is being investigated by the SEC". TechCrunch. Retrieved May 18, 2021.
  31. ^ "Canoo will build its electric vehicles at a new Oklahoma factory". The Verge. June 17, 2021. Retrieved June 17, 2021.
  32. ^ "U.S. electric vehicle startup Canoo to build plant in Oklahoma". Reuters. June 17, 2021. Retrieved September 14, 2021.
  33. ^ "U.S. electric vehicle startup Canoo to build plant in Oklahoma". Reuters. June 17, 2021. Retrieved September 14, 2021.
  34. ^ "Canoo will build its electric vehicles in Born, the Netherlands". NOS. June 17, 2021. Archived from the original on June 17, 2021. Retrieved June 17, 2021.
  35. ^ "Canoo to Build First EV in 2022 in Arkansas, Not the Netherlands".
  36. ^ "Canoo is setting up headquarters in Walmart's hometown, picks Panasonic as battery supplier". TechCrunch. Retrieved November 28, 2021.
  37. ^ "Canoo SEC Form 10K, March 1, 2022".
  38. ^ "Canoo says it will build electric vehicle battery module facility in Pryor". Rhett Morgan, Tulsa World, November 3, 2022. Retrieved November 3, 2022.
  39. ^ "Canoo's proposed electric vehicle plant in Pryor could be delayed, industrial park head says". Rhett Morgan, Tulsa World, July 1, 2022. Retrieved November 3, 2022.
  40. ^ "Canoo to expand to Oklahoma City with electric vehicle manufacturing plant in repurposed building". Rhett Morgan, Tulsa World, November 10, 2022. Retrieved November 10, 2022.
  41. ^ Cawley, James (April 13, 2022). "Artemis Astronauts Will Ride in Style in Crew Transportation Vehicles". NASA. Retrieved May 10, 2022.
  42. ^ "Artemis Crew Transportation Vehicles Award".
  43. ^ Bellan, Rebecca (May 10, 2022). "EV startup Canoo sues major investor over sketchy share sales". techcrunch.com. Retrieved May 10, 2022.
  44. ^ Rosevear, John; Repko, Melissa (July 12, 2022). "Shares of EV maker Canoo surge after Walmart agrees to buy 4,500 electric delivery vans". CNBC. Retrieved July 13, 2022.
  45. ^ "Canoo SEC Form 8K, July 11, 2022".
  46. ^ "Canoo Secures Order For 5,450 Electric Vans And Minivans From Zeeba". MSN. Retrieved October 18, 2022.
  47. ^ Doll, Scooter (October 11, 2022). "Canoo continues comeback with over 5,000 EVs orders from Zeeba, over half are binding". Electrek. Retrieved October 18, 2022.
  48. ^ "Bentonville-based Canoo lands large EV order from national fleet company". 5newsonline.com. October 12, 2022. Retrieved October 18, 2022.
  49. ^ Doll, Scooter (October 17, 2022). "Canoo secures another binding EV order, this time for 9,300 LDVs from work rental provider Kingbee". Electrek. Retrieved October 18, 2022.
  50. ^ "Kingbee Places Binding Order for 9,300 Canoo Electric Vehicles". markets.businessinsider.com. Retrieved October 18, 2022.
  51. ^ "Canoo Stock Jumps on Electric-Vehicle Order From Kingbee". MarketWatch. Retrieved October 18, 2022.
  52. ^ "Canoo Vehicle". www.canoo.com. Retrieved November 6, 2021.
  53. ^ "Pickup Truck". www.canoo.com. Retrieved November 6, 2021.
  54. ^ "Multi-Purpose Delivery Vehicle". www.canoo.com. Retrieved November 6, 2021.
  55. ^ Hermanson, Marissa (February 24, 2021). "MPDV Electric Van by Canoo". Dwell. Retrieved November 6, 2021.
  • Official website
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