Canoo unveils tough electric pickup truck
【Summary】EV maker Canoo has unveiled its "American Bulldog" electric pickup truck, which it claims embodies the American spirit of innovation. The struggling startup has delivered vehicles to the US Army and NASA, and has recently secured incentives for its EV assembly and battery module manufacturing plants. However, Canoo's financial situation remains uncertain, with the company reporting losses and a need for significant funding.
EV maker Canoo recently introduced its latest model, the "American Bulldog" electric pickup truck. Canoo describes the 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 such as 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 product range with the introduction of the LDV 190, targeting the Class 3 electric cargo van market.
The LDV 190 shares the same Mutli-Purpose platform as the LDV 130 but has a reinforced suspension to handle heavier payloads.
Canoo's vehicle lineup is based on its MPP (Multi-Purpose Platform), which includes the Lifestyle Vehicle, Multi-Purpose Delivery Vehicle, and pickup.
Canoo's newest addition, the American Bulldog electric pickup, was unveiled on Friday. This EV truck is a derivative of the previously delivered Screaming Eagle model, which underwent testing with the US Army in 2022.
The American Bulldog represents Canoo's commitment to rapid product development and real-world testing, according to CEO Tony Aquila. He emphasized that the vehicle embodies the loyalty, courage, and innovation of the American spirit.
The electric pickup is designed to be strong and rugged, with Canoo comparing its performance to that of a battleship. The company draws parallels between the vehicle's strength and determination and the hardworking American labor force, reminiscent of advertisements for popular trucks like the Chevy Silverado or Ford F-150.
While the American Bulldog appears promising, it is uncertain whether it will become a common sight on the streets. Canoo, like other EV startups, is facing significant financial pressure. The company has only recently started generating revenue from its deliveries to the US government, and it reported a loss of $161.6 million in the first half of the year with no revenue generated.
Canoo's production plans require substantial funding, and as of June, the company had approximately $5 million in cash and equivalents. Over the past few years, Canoo has expressed doubts about its ability to continue operations due to a lack of funding.
Canoo is scheduled to report its third-quarter earnings on November 14, which will provide further insight into the company's financial situation.
If Canoo can overcome its financial challenges, it expects to benefit from its "Made in America" strategy. Customers purchasing a Canoo EV can take advantage of the IRA's Commercial Clean Vehicle Tax Credit, which offers a $7,500 tax credit.
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