EV Start-Up Canoo Jumps Nearly 14% Following Announcement of New Electric Pickup

Shares of Canoo, the US-based electric vehicle start-up, rose by as much as 14% during intraday trading on Thursday, after the company debuted plans for a new all-electric pickup truck.

The latest pickup truck model, which has yet to be named, has a rounded front end and is designed similar to the company’s electric van that was unveiled last year. According to Canoo, the truck will “be the most cab-forward and space efficient on the market, with massive cargo capacity on the smallest footprint possible.” Canoo, which made its public debut via a reverse merger with Hennessy Capital Acquisition Corp in late 2020, is the latest company to unveil plans for a fully-electric pickup model.

Although Canoo’s truck stands out with its unique design, the EV’s range is only 200 miles, which is lower than the Hummer pickup that boasts a range of over 350 miles, and Tesla’s Cybertruck, which varies in range between 250 miles and 500 miles.

So far, Tesla, GM, and Lordstown Motors are all slated to begin production of their electric pickup truck models before the end of this year, with Ford’s F-150 pickup slated for launch come 2022. Canoo’s pickup truck, on the other hand, will not be on the EV market until early 2023. In the meantime, Canoo has been focusing on developing an all-electric consumer and delivery van, but has stopped short of revealing further details surrounding production. The company does, however, have a partnership with Canadian based Magna International.

Information for this briefing was found via Canoo. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

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