Canoo

Canoo develops passenger EVs and commercial delivery vehicles. The company’s initial focus was on a subscription-based business model but has shifted to outright sales since March 2021. Canoo’s flagship model is Lifestyle Vehicle (LV)—a seven-seater EV with a loft-like design. Some of its unique features include sofa-like seats and being able to control non-driving features like navigation, music, and heating, through a smartphone. The model has a range of 200 miles with a starting price of USD 39,950. 

Canoo has also developed an electric pickup truck and electric minivans–known as Lifestyle Delivery Vehicles (LDV). The latter comes in two configurations: LDV130 and LDV190. The LDV 190 is a larger vehicle that offers 30% more space and 21% greater payload capacity than the LDV130. The company began delivering its first LDVs in November 2023 . 

Canoo has a 400-acre factory in Tulsa, Oklahoma, to manufacture the company’s LDV. The manufacturing of the minivan was contracted to the Dutch company VDL Nedcar. In November 2022 , Canoo announced plans to construct a ~3,200 MWhs battery module manufacturing facility in Oklahoma. 

Key customers and partnerships

In July 2022, Canoo partnered with Walmart to provide 4,500 Lifestyle Delivery Vehicles (LDV) for last-mile deliveries, with the option to sell up to 10,000 units. In October 2022, Zeeba placed an order to purchase 5,450 EVs for its fleet, with an initial binding commitment for 3,000 units in 2024. During the same month , Kingbee placed an order for 9,300, with the option to purchase up to 18,600 units. In November 2023 , the company signed a contract with Prime Time Shuttle to supply up to 550 of its EVs. In January 2024, the US Postal Service agreed to purchase six LDV 190 EVs. In April 2024, Jazeera Paints agreed to purchase 20 Canoo LDVs in 2024, with the option to expand up to 180 additional vehicles.

Canoo also had a partnership with Hyundai to provide its platform for Hyundai and KIA EVs, but this was terminated in March 2021. In January 2023 , Canoo signed an agreement with GCC Olayan for the sale, service, and distribution of Canoo’s EVs in Saudi Arabia. In April 2024, Canoo partnered with Red Sea Global to pilot the use of Canoo EVs for travel between Red Sea Global’s international airport, its resorts, facilities, and excursions.

Funding and financials

In October 2023 , Canoo secured a USD 45 million investment in a Series B round for redeemable preferred stock from a foreign institutional investor. The company intended to use the funds to extend its manufacturing capacity and meet customer demand. Prior to this, in August 2023, the State of Oklahoma agreed to provide Canoo workforce and economic development incentives of more than USD 100 million over the next decade for its vehicle assembly and battery module manufacturing plants located in the state.

Canoo was listed on Nasdaq through a SPAC merger in December 2020. The deal raised USD 607 million at a valuation of USD 2.4 billion. The company generated USD 886,000 in revenue and had an operating loss of USD 267.8 million in FY2023.