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EV start-up Canoo unveils new car forward of Nasdaq debut

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Canoo’s van – generally known as a multipurpose supply car, or MPDV, due to the methods it may be upfitted – is designed for industrial prospects.

Canoo

Electric car start-up Canoo unveiled a brand new supply van Thursday forward of its public debut on the Nasdaq subsequent week.

The futuristic-looking van — generally known as a multi-purpose supply car, or MPDV, due to the methods it may be upfitted — is designed for every part from last-mile deliveries to meals vehicles, in accordance with the California firm. It is anticipated to begin at round $33,000.

“There are many use cases that this vehicle can do,” Canoo Chairman Tony Aquila, a serious investor within the firm, mentioned throughout a video unveiling of the MPDV. “We wanted it to look very smart, very modern but at the same time be very affordable.”

Production of the car is focused to start in 2022 and ramp up in 2023. The firm didn’t announce particular plans for manufacturing, however it has beforehand introduced a strategic relationship with auto provider and contract producer Magna International.

Such industrial automobiles are anticipated to be a key driver for the sale of worthwhile EVs for the automotive trade. It’s a phase start-ups and legacy automakers need to enter quickly within the coming years. Ford Motor, which leads industrial car gross sales, plans to launch an EV van in 2021, adopted by an electrical model of its F-150 pickup the next yr.

Interior of the Canoo van, often known as a multipurpose supply car, or MPVD.

Canoo

Canoo mentioned the MPDV shall be out there in two sizes with various EV ranges and battery sizes. The firm says the vary of the smaller van, generally known as MPDV1, is anticipated between 130 miles and 230 miles, whereas that of the bigger van, MPDV2, is between 90 miles and 190 miles primarily based on battery sizes. Canoo is taking reservations and $100 refundable deposits for the automobiles on its web site.

Canoo is a part of a wave of recent speculative EV start-ups that plan to enter the market after going public by way of reverse mergers with particular function acquisition firms, often known as blank-check firms. The firm introduced its merger deal with Hennessy Capital Acquisition Corp. in August.

Canoo is anticipated to be listed on the Nasdaq as “GOEV” on Tuesday following a shareholder assembly to approve the merger on Monday. The deal is anticipated to supply Canoo with roughly $600 million to assist the manufacturing and launch of EVs.

Shares of Hennessy have been down 10% throughout noon buying and selling Thursday to about $18. The inventory remains to be up by about 69% for the reason that take care of Canoo was introduced on Aug. 18.

This is Canoo’s second deliberate car. The first was a smaller, pill-shaped car designed extra for shoppers. It’s anticipated to be out there by way of a membership-only car service by the corporate starting in 2022, in accordance with Canoo.

During Thursday’s car unveiling, the corporate additionally teased what seemed to be a automotive and a pickup truck underneath two sheets.

Correction: This story has been up to date to replicate that Canoo’s anticipated ticker image is “GOEV.” The firm had beforehand introduced a ticker image of “CNOO.”


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