EV start-up Canoo is introducing a brand new car forward of its Nasdaq debut
Canoo’s van – known as a multi-purpose delivery vehicle (MPDV) due to its equipment options – is designed for commercial customers.
Electric vehicle start-up Canoo unveiled a new van on Thursday ahead of its public debut on Nasdaq next week.
The futuristic-looking van, known as a multi-purpose delivery vehicle (MPDV) due to its equipment options, is designed for everything from last-mile deliveries to food trucks, according to the California company. It is expected to start at around $ 33,000.
“There are many use cases that this vehicle can perform,” said Tony Aquila, chairman of Canoo, a major investor in the company, during a video reveal of the MPDV. “We wanted it to look very chic and modern and at the same time be very affordable.”
Production of the vehicle is scheduled to begin in 2022 and start in 2023. The company did not disclose any specific production plans, but previously announced a strategic relationship with auto supplier and contract manufacturer Magna International.
Such commercial vehicles are expected to be a major driver of the sales of profitable electric vehicles for the automotive industry. It’s a segment that startups and older automakers want to get into quickly in the years to come. Ford Motor, which leads commercial vehicle sales, plans to release an electric vehicle in 2021, followed by an electric version of its F-150 pickup truck the following year.
Interior of the Canoo delivery van, also known as the multipurpose delivery vehicle or MPVD.
Canoo said the MPDV will come in two sizes with different EV ranges and battery sizes. The company says the smaller van, known as MPDV1, is expected to range between 130 miles and 230 miles, while the larger van, MPDV2, is between 90 miles and 190 miles based on battery sizes. Canoo takes reservations and refundable deposits of USD 100 for the vehicles on its website.
Canoo is part of a wave of new speculative EV start-ups that are planning to enter the market through reverse mergers with special purpose vehicles, also known as blank check companies, after the IPO. The company announced its merger agreement with Hennessy Capital Acquisition Corp. in August. known.
Canoo is expected to be listed as “GOEV” on Tuesday after a general meeting on the Nasdaq to approve the merger on Monday. The deal is expected to provide Canoo with approximately $ 600 million to support the production and launch of electric vehicles.
Hennessy’s shares fell 10% to around $ 18 on Thursday lunchtime. The stock is still up around 69% since the deal with Canoo was announced on Aug. 18.
This is Canoo’s second planned vehicle. The first was a smaller, pill-shaped vehicle that was more intended for consumers. It is expected to be available via a company’s member-only vehicle service from 2022, according to Canoo.
During the vehicle reveal on Thursday, the company also teased a two-sheet car and pickup truck.
Correction: This story has been updated to take into account that Canoo’s expected ticker symbol is “GOEV”. The company had previously announced a ticker symbol for “CNOO”.