Canoo unveils tough 'American Bulldog' electric pickup
【Summary】EV maker Canoo has unveiled its new "American Bulldog" electric pickup truck, which the company describes as embodying the American spirit of innovation. Canoo has faced financial struggles but recently delivered vehicles to the US Army and NASA, and has secured incentives for its manufacturing plants. However, the company's financial situation remains uncertain, with Canoo reporting third-quarter earnings soon.
EV maker Canoo recently introduced its latest model, the "American Bulldog" electric pickup truck. Canoo describes the new truck as embodying the American spirit with its grit and innovation.
After resolving a multiyear SEC investigation earlier this year, Canoo is now focused on moving forward.
The struggling EV startup has made deliveries to the US Army and NASA and has gained new clients, including Walmart.
In August, Canoo secured $113 million in incentives for its EV assembly and battery module manufacturing plants in OKC and Pryor. The company also expanded its reach into the Class 3 electric cargo van market with the introduction of its LDV 190.
The LDV 190 shares the same Mutli-Purpose platform as the LDV 130 but features a strengthened suspension to handle heavier payloads.
Canoo's lineup of vehicles is built on its MPP (Multi-Purpose Platform), which serves as the base for all of its models, including the Lifestyle Vehicle, Multi-Purpose Delivery Vehicle, and pickup.
Canoo's latest innovation, the American Bulldog electric pickup, was unveiled on Friday. This EV truck is based on the Screaming Eagle model that was delivered to the US Army for testing in 2022.
According to Canoo's CEO, Tony Aquila, the American Bulldog represents loyalty and courage, embodying the American spirit and innovation.
The electric pickup boasts a strong and rugged design, likened to the strength and determination of American workers, similar to the Chevy Silverado or Ford F-150.
However, despite its appealing features, it is unlikely that the American Bulldog will hit the streets. Canoo, like other EV startups, is facing significant financial pressure, with a loss of $161.6 million in the first half of the year and no revenue generated.
Canoo's production plan requires substantial funding, and as of June, the company only had about $5 million in cash and equivalents. The company has expressed doubts about its ability to continue operations due to a lack of funding in recent years.
Canoo will report its third-quarter earnings on November 14, providing more insight into the company's financial situation.
However, if Canoo can overcome its financial challenges, it expects to benefit from its "Made in America" strategy. Customers who purchase a Canoo EV are eligible for the $7,500 tax credit offered by the IRA's Commercial Clean Vehicle Tax Credit.
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