Californian EV start-up Canoo has announced that it has opened pre-orders and reservations in the United States for its three electric models – the so-called Lifestyle Vehicle, Multi-Purpose Delivery Vehicle (MPDV), and pickup truck – with only a $US100 down payment required.
Canoo – which debuted its Lifestyle Vehicle back in 2019, its MPDV late 2020, and its pickup truck (ute) in March – announced this week that it has opened its reservation and had begun taking pre-orders on all three of its electric vehicles.
The company’s Lifestyle Vehicle will be the first of the company’s EVs to market, expected in 2022, and has targeted pricing starting from $US34,750 to $US49,950 (before incentives or optional equipment) for the delivery, base, and premium models – which reflects the company’s current estimates, but are subject to change.
Canoo boasts that its “Lifestyle Vehicle has the interior space of a large SUV, with the exterior footprint of a compact car and is made for urban, adventure, families, fleet, ride hailing and more.”
Deliveries for the Canoo Pickup Truck and scaled production for its MPDV are scheduled to begin as early as 2023. Pricing for the planned Lifestyle Vehicle Adventure model will be available in the coming months, according to Canoo.
“It’s no longer a question of whether America will go EV – but when,” said Tony Aquila, chairman and CEO of Canoo Inc.
“Our line-up is future-forward and succeeds where others have struggled: Giving people the EV that works smarter for them at a price that can work for their budgets. That’s why we are designing for flexible use cases and focused on productivity solutions.
According to the company’s press release, “anticipated specifications” for the Lifestyle Vehicle include up to 300hp and 332lb.-ft of peak motor torque with 250-miles (400-kilometres) of battery range.
Canoo’s Pickup Truck, on the other hand, seems to require no ‘anticipation’ over its specifications, with more than 500-horsepower and 550lb.-ft of torque from its dual motors, and a payload capacity of 1,800lbs while still providing 200-miles (320-kilometres) of battery range.
Meanwhile, the Multi-Purpose Delivery Vehicle ‘anticipates’ up to 200hp and 236lb.-ft of peak motor torque with up to 250-miles (400-kilometres) of battery range.
As with the ‘targeted price range’ of the vehicles, these vehicle specifications are also subject to change. Final vehicle specifications for all Canoo’s vehicles will be revealed closer to production.
Unfortunately, news of Canoo’s opening of pre-orders and reservations was joined by Aquila’s revelation that the company is being investigated by the US Securities and Exchange Commission (SEC) which, according to Acquila, the SEC “characterize the process as a fact-finding inquiry.”
Canoo was one of a number of EV start-ups to go public through a special purpose acquisition company, or SPAC, with Canoo’s SPAC of choice called Hennessy Capital Acquisition Corp IV (HCAC). The $US2.4 billion deal was followed later in the year by a massive drop in the company’s share price. According to Aquila, “EV SPACs are now facing some near-term headwinds, including the SEC’s interest in determination on how warrants are treated.”
“The SEC has also informed the Company that the investigation does not mean that it has concluded that anyone has violated the law, and does not mean that it has a negative opinion of any person, entity or security,” Canoo noted in its regulatory filing in response to the investigation. “We intend to provide the requested information and cooperate fully with the SEC investigation.”
Joshua S. Hill is a Melbourne-based journalist who has been writing about climate change, clean technology, and electric vehicles for over 15 years. He has been reporting on electric vehicles and clean technologies for Renew Economy and The Driven since 2012. His preferred mode of transport is his feet.