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Electric TrucksLast MileNewsTrucking

Canoo unveils electric delivery vehicle

Reveal comes five days before shareholder vote to take company public via reverse merger with Hennessy Capital

EV company Canoo unveiled on Thursday its electric “multipurpose” commercial vehicle to be priced starting at approximately $33,000. 

The reveal comes five days before a shareholder vote to take the company public via a $600 million reverse merger with special purpose acquisition company (SPAC) Hennessy Capital Acquisition Corp. IV (NASDAQ: HCAC).

Canoo’s electric vehicle, which can be used as a delivery van, will be offered in two initial sizes, with others to follow, the company said in a release. 

Limited availability will begin in 2022, with scaled production and launch planned for 2023.  Customers can preorder the vehicle for a refundable deposit of $100 per vehicle. 

Multiple use cases

Based in Los Angeles, Canoo is one of a handful of companies working on electric cargo vehicles, designed for the smaller packages and more frequent delivery routes that have come to define the e-commerce era.

Amazon (NASDAQ: AMZN) showed off its new model, custom built by Rivian, in October. In partnership with UPS (NYSE: UPS), UK startup Arrival also is developing an electrified last-mile delivery van.

Casting a wide net, Canoo targets not only last-mile delivery companies, but other businesses, independent contractors, utilities and service technicians. 

With its “multipurpose” offering, it plans to provide customers “best-in-class total cost of ownership, class-leading cargo volume, and functionally-designed features,” the release said.

Canoo’s electric vehicle platform allows for increased cargo volume on a small vehicle footprint. Specific features include high roof height, storage lockers, a roll-up style door and ramp slide outs.

Its roominess enables various workstations, with space for laptops or other devices to the left of the driver’s seat. A bidirectional onboard charger will transform the vehicle into a power source, to be used, potentially, for equipment and tools.

Looking beyond the initial vehicle, large customers, such as last-mile and package delivery fleets, retailers, major corporations and logistics companies, have the option to co-develop a custom vehicle with Canoo, the company said.

In good SPAC company

Canoo is the latest in a string of electric vehicle makers that have taken a SPAC route to public ownership. 

It follows battery-electric and fuel cell startup Nikola Corp. (NASDAQ: NKLA) and hybrid electric driveline producer Hyliion Holdings (NYSE: HYLN) among others.

Shareholders will vote on the merger Monday. The company will trade on Nasdaq under the ticker symbol GOEV.

Linda Baker, Senior Environment and Technology Reporter

Linda Baker is a FreightWaves senior reporter based in Portland, Oregon. Her beat includes autonomous vehicles, the startup scene, clean trucking, and emissions regulations. Please send tips and story ideas to lbaker@freightwaves.com.

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