Canoo (GOEV) Debuts Electric Pickup-Truck, To Rollout in 2023
Canoo Inc. GOEV recently unveiled its fully-electric pickup truck during the Motor Press Guild's Virtual Media Day.
This new truck is the third vehicle based on Canoo’s proprietary multi-purpose platform. The California-based electric vehicle (EV) company will be taking pre-orders in second-quarter 2021 and the electric truck is expected to arrive by 2023.
Chief Features & Specs of the Truck
Canoo’s pickup truck includes dual or rear motor configurations. With the dual motor option, the pickup will offer 600 horsepower and 550 ft-lb of torque. It will have a payload capacity of about 1,800 lbs. The company is currently promising 200+ miles of range on a single charge.
The truck is loaded with unique features and components that utilize every inch of the company’s exclusive platform. The first unique feature is the pull-out bed extension. The standard bed length of the pickup truck is six feet long. However, a second layer of tailgate doors can be swiveled out, extending the bed to eight feet while remaining enclosed. Drivers can take advantage of a hidden side step to easily reach into the bed. Additionally, the side step offers modest storage for smaller items, like some cold beverages or personal electronics. The truck provides a storage area for tools or first aid kits, thus providing utmost customer utility. Another feature within the truck bed is Canoo’s modular divider system. These space dividers help keep items separate and secure. The bed wall is also fit with modular wheel chocks to secure bikes. Other noteworthy features of the pickup include multi-accessory charge port, integrated overhead and bed perimeter lighting, roof rack and camper shell.
Canoo: The Rising Star in the EV Market
Canoo, originally founded in 2017, went public last year after it merged with a special purpose acquisition company in late 2020.
The company plans to launch its first lifestyle vehicle in late 2022, following it up with a delivery vehicle in 2023 and a sports vehicle in 2025. Canoo is looking to make its first vehicle available via an all-inclusive subscription fee. It is also likely to consider licensing its platform to other OEMs.
The EV startup intends to develop various consumer and commercial vehicles based on its modular skateboard platform, which combines batteries into the EV’s chassis. Canoo's EV platform functionally integrates all the critical components of an electric powertrain to be as efficient as possible. This enables the company to develop highly customized vehicles that can serve multiple purposes.
While Canoo has still a lot to prove, the company’s proprietary technology platform, plans of offering subscription services, and licensing its platform to other EV makers provide it an edge over its competitors.
Canoo, which shares space with Workhorse Group WKHS, Polaris PII and Ford F, currently carries a Zacks Rank of 3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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