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—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 company began delivering its first EVs in November 2023 . The model has a range of 200 miles with a starting price of USD 39,950. The company has also developed an electric pickup truck and electric minivans–known as Lifestyle Delivery Vehicles (LDV). Both were open for pre-orders in 2023.

Canoo developed a 400-acre factory in Tulsa, Oklahoma, to manufacture the company’s Lifestyle Vehicle from 2023. 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 upto 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 January 2023 , Canoo signed an agreement with GCC Olayan for the sale, service, and distribution of Canoo’s EVs in Saudi Arabia.

Canoo also had a partnership with Hyundai to provide its platform for Hyundai and KIA EVs, but this was terminated in March 2021. The company also saw some significant changes in top management positions including the departure of its co-founder and CEO, CFO, and the Head of Powertrain Development in 2021. Canoo was also the subject of an SEC investigation in April 2021 for the same.

Funding and financials

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. Canoo projected revenue of USD 1.4 billion for 2024 and was expected to turn profitable during the same year at the time of the listing (prior to the changes to its business model).

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 intends to use the funds to extend its manufacturing capacity and meet customer demand.