Shares of EV start-up Canoo surge as much as 14% on new electric pickup truck

EV start out-up Canoo unveiled its electric powered pickup on March 11, 2021.


Shares of electric powered motor vehicle start-up Canoo jumped by as significantly as 14% in the course of intraday buying and selling Thursday soon after the automaker in depth designs for a new bubbly searching pickup truck.

The unnamed car or truck capabilities a rounded, snub-nosed front close with similar lighting and structure things to an electrical van the firm declared final year. Canoo said it created the pickup “to be the most taxi-ahead and house economical on the current market, with significant cargo potential on the smallest footprint probable.” Vehicle web site Jalopnik as opposed the structure to a retro Volkswagen van or pickup from the 1950s.

Canoo, which went community by way of a reverse merger with Hennessy Funds Acquisition Corp. in December, is the latest organization to announce programs for an all-electrical pickup truck.

Normal Motors, Tesla, Rivian and Lordstown Motors are predicted to begin output of electrical pickup vans afterwards this 12 months, followed by Ford Motor in 2022. Canoo desires to carry its pickup to sector as early as 2023.

Canoo would like to deliver its electrical pickup to industry as early as 2023, having said that output facts had been not announced.


Numerous of the products and solutions have been delayed owing to impacts variety the coronavirus pandemic and other conditions. Tesla CEO Elon Musk reported, on the firm’s most recent earnings contact, “So, we finished virtually all of the Cybertruck engineering.” He included, “If we get lucky, we’ll be capable to do a handful of deliveries towards the finish of this 12 months. But I hope volume generation to be in 2022.”

Irrespective of the volume of predicted entries, EV pickups are a absolutely unproven car or truck section. But legacy automakers these kinds of as GM and Ford, which depend closely on pickups for revenue, are trying to defend their foremost industry shares versus more recent, all-electric powered businesses.

EV start-up Canoo unveiled its electric powered pickup on March 11, 2021.


When Canoo’s pickup stands out from other people relating to its bubble-like structure, its introduced 200-mile selection is decrease than other competitors. GM’s Hummer EV pickup will obtain more than 350 miles, even though Tesla has claimed its Cybertruck will array from 250 miles to a lot more than 500 miles.

Canoo’s to start with autos are expected to be all-electric customer and supply vans beginning in 2022. The corporation has not declared distinct plans for manufacturing, but it has a strategic partnership with vehicle supplier and deal manufacturer Magna Worldwide.

– CNBC’s Lora Kolodny contributed to this report.