The start-up EV Canoo presented its electric pickup on March 11, 2021.
Canoe
Canoo electric vehicle start-up shares rose up 14% in intraday trading on Thursday after the car maker detailed plans for a new water-filled van.
The unnamed vehicle has a rounded, nose-fronted front with lighting and design elements similar to an electric van the company announced last year. Canoo said it designed the pickup “to be the most advanced and space-efficient on the market, with a massive payload capacity on the smallest possible footprint.” The car site Jalopnik compared the design to a Volkswagen retro van or pickup truck from the 1950s.
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 van.
General Motors, Tesla, Rivian and Lordstown Motors are expected to start production of electric pickups later this year, followed by Ford Motor in 2022. Canoo wants to bring the pickup to market in 2023.
Canoo wants to bring its electric pickup on the market since 2023, but no details about the production have been announced.
Canoe
Many of the products have been delayed due to the impact of the coronavirus pandemic and other circumstances. Tesla CEO Elon Musk said in a recent call for revenue for the company: “So we’ve finished almost all of Cybertruck’s engineering.” He added: “If we are lucky, we will be able to make some deliveries by the end of this year. But I expect the volume production to be in 2022.”
Despite the expected number of entries, EV pickups are a completely unproven vehicle segment. But older carmakers, such as GM and Ford, which rely heavily on pickups for profit, are trying to defend their market shares against newer, fully electric companies.
The EV Canoo start-up unveiled its electric pickup on March 11, 2021.
Canoe
While the Canoo pickup stands out from the others in terms of its bubble-like design, the announced range of 200 miles is less than the other competitors. GM’s Hummer EV pickup will reach over 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 consumer and delivery electric vans starting in 2022. The company has not announced specific production plans, but has a strategic relationship with automaker and contract maker Magna International.
– CNBC Lora Kolodny contributed to this report.