EV startup Canoo unveiled its electric pickup truck on March 11, 2021.
Canoe
Shares in the electric vehicle startup Canoo rose up to 14% during intraday trade on Thursday after the automaker detailed plans for a new bubbly-looking pickup truck.
The unnamed vehicle features a rounded front with lighting and design elements similar to an electric van that the company announced last year. Canoo said he designed the truck “to be the most advanced and space-efficient cabin on the market, with huge load capacity in the smallest possible space.” Automobile website Jalopnik compared the design to a 1950s retro Volkswagen van or pickup.
Canoo, which went public through a reverse merger with Hennessy Capital Acquisition Corp. in December, it is the latest company to announce plans for a fully electric pickup.
General Motors, Tesla, Rivian and Lordstown Motors are expected to start producing electric pickup trucks later this year, followed by Ford Motor in 2022. Canoo wants to launch his pickup on the market as early as 2023.
Canoo wants to launch its electric pickup on the market as early as 2023, but details of the production have not been announced.
Canoe
Several of the products have been delayed due to the impacts of the coronavirus pandemic and other circumstances. Tesla CEO Elon Musk said on the company’s most recent earnings conference call: “So we’ve finished almost all of Cybertruck’s engineering.” He added: “If we are lucky, we may be able to make some deliveries later this year. But I expect volume production to be in 2022.”
Despite the number of expected entries, EV pickups are a completely unproven vehicle segment. But traditional auto makers, such as GM and Ford, which rely heavily on pickups for profit, are trying to defend their main market shares against new all-electric companies.
EV startup Canoo unveiled its electric pickup truck on March 11, 2021.
Canoe
While the Canoo pickup stands out from the others in its bubble-shaped design, its announced range of 200 miles is less than other competitors. GM’s Hummer EV pickup will reach more than 350 miles, while Tesla said its Cybertruck will range from 250 miles to more than 500 miles.
Canoo’s first vehicles are expected to be fully electric for consumers and delivery vans starting in 2022. The company has not announced specific production plans, but has a strategic relationship with the car supplier and contract manufacturer Magna International.
– CNBC’s Lora Kolodny contributed to this report.