EV start-up Canoo unveiled its electric pick-up on March 11, 2021.
Canoo
Shares of electric vehicle startup Canoo surged a whopping 14% during intraday trading on Thursday after the automaker worked out plans for a new sparkling pickup truck.
The unnamed vehicle has a rounded, blunt-nose front and similar lighting and design elements to an electric van that the company announced last year. Canoo said it designed the pickup “to be the most cabin-forward and space-efficient on the market, with massive loading capacity in the smallest footprint.” Car website Jalopnik compared the design to a retro Volkswagen van or pick-up from the 1950s.
Canoo, which was made public in December through a reverse merger with Hennessy Capital Acquisition Corp., is the latest company to announce plans for an all-electric pickup truck.
General Motors, Tesla, Rivian and Lordstown Motors are expected to begin production of electric pickup trucks later this year, followed by Ford Motor in 2022. Canoo plans to launch its pickup truck in 2023.
Canoo plans to market its electric pickup as early as 2023, but production data has not been disclosed.
Canoo
Several of the products have been delayed due to the effects of the coronavirus pandemic and other circumstances. Tesla CEO Elon Musk said during the company’s most recent earnings call, “So we’ve completed almost all Cybertruck engineering.” He added, “If we’re lucky, we can make a few deliveries by the end of 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 older automakers like GM and Ford, which rely heavily on pickups for profit, are trying to defend their leading market shares against newer all-electric companies.
EV start-up Canoo unveiled its electric pick-up on March 11, 2021.
Canoo
While Canoo’s pickup stands out from others for its bubbly design, its announced range is 200 miles lower than other competitors. GM’s Hummer EV pickup will travel more than 350 miles, while Tesla has said the Cybertruck will have a range from 250 miles to over 500 miles.
Canoo’s first vehicles are expected to be fully electric vans and vans from 2022. The company has not announced any specific production plans, but it has a strategic relationship with auto supplier and contract manufacturer Magna International.
– CNBCs Lora Kolodny contributed to this report.