Canoo unveils robust electric pickup truck
【Summary】EV maker Canoo has unveiled its new "American Bulldog" electric pickup truck, which is described as being "woven into the American spirit" with grit and innovation. Canoo recently settled a multiyear SEC investigation and has delivered vehicles to the US Army and NASA, as well as adding clients like Walmart. The company is facing financial pressure but hopes to benefit from its "Made in America" strategy and offers customers the Commercial Clean Vehicle Tax Credit.
EV maker Canoo introduced its latest model, the "American Bulldog" electric pickup truck, on Friday. Canoo emphasizes that this new electric truck embodies the American spirit with its grit and innovation.
After resolving a multiyear SEC investigation earlier this year, Canoo is ready to move forward and leave the past behind.
The struggling EV startup has delivered vehicles to the US Army and NASA and has gained several new clients, including Walmart.
In August, Canoo secured $113 million in combined incentives for its EV assembly and battery module manufacturing plants in OKC and Pryor, respectively. Additionally, it expanded its presence in the Class 3 electric cargo van market with the introduction of its LDV 190.
The LDV 190, which shares the same Multi-Purpose platform as the smaller LDV 130, features a "beefed-up suspension" to handle heavier payloads.
Canoo's MPP serves as the foundation for all of its vehicles, including the Lifestyle Vehicle (Delivery, Base, Premium, and Adventure), Multi-Purpose Delivery Vehicle, and pickup.
Canoo unveiled its latest innovation, the American Bulldog electric truck, on Friday. This EV pickup is a derivative of the Screaming Eagle model that was delivered to the US Army in 2022 for testing.
According to Canoo, the American Bulldog "builds upon Canoo's rapid product development and real-world testing." Tony Aquila, Canoo's CEO, explained that the vehicle is loyal, courageous, and deeply connected to the American spirit and innovation. He emphasized that when they say "Made in America," they mean it.
The electric pickup is described as performing like a battleship, with a strong and rugged design. Canoo compares its strength and determination to that of American workers, reminiscent of ads for vehicles like the Chevy Silverado or Ford F-150.
While the American Bulldog appears sleek and functional, it is unlikely to hit the streets. Canoo, like other EV startups, is facing significant financial pressure. The company only recently started generating revenue through a contract with the US government.
In the first half of the year, Canoo reported a loss of $161.6 million with no revenue generated. The company's production plan requires substantial funding, and as of the end of June, Canoo had approximately $5 million in cash and equivalents.
Over the past few years, the company has expressed doubts about its ability to continue operations due to a lack of funding.
Canoo will report its third-quarter earnings on November 14, providing more insight into the company's financial situation.
If Canoo can survive, it expects to benefit from its "Made in America" strategy. Canoo customers can take advantage of the IRA's Commercial Clean Vehicle Tax Credit, making them eligible for a $7,500 tax credit when purchasing a Canoo EV.
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