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EV Startup EVELOZCITY Renamed Canoo, Will Offer its Vehicles as a Subscription

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【Summary】Los Angeles-based electric vehicle startup EVELOZCITY has changed its name to Canoo. The new company aims to be a boutique Californian brand offering four unique electric vehicles, each available as a subscription.

Eric Walz    Mar 26, 2019 1:12 PM PT
EV Startup EVELOZCITY Renamed Canoo, Will Offer its Vehicles as a Subscription
A teaser photo released by the new EV startup. (Photo: Canoo)

EVELOZCITY, a Los Angeles-based electric vehicle startup has changed its name to Canoo and will offer its vehicles as a subscription-only model. Canoo aims to be a boutique Californian brand that will offer four unique vehicles. The electric vehicles include a lifestyle vehicle, personal commuter vehicle, last-mile delivery vehicle and a vehicle made specifically for ride-hailing services.

Canoo plans to take new approach to the EV market that focuses on reducing production and infrastructure costs while increasing revenue using a 100 percent subscription model, secured by blockchain technology. The Company believes blockchain will better support a new wave of mobility as a service (MaaS) and business models for the automotive industry, including vehicle sharing.

Canoo's vehicles will move away from traditional three box car design, which have separate compartments for the engine, passengers and cargo. Instead, the EV startup is embracing a minimalist design that maximizes interior space for passengers.

"We picked Canoo because it sounds distinctive, looks cool and creates a feeling of both relaxation and movement," said Stefan Krause, who is in charge of Canoo. "For thousands of years, a canoe has been a simple, sustainable transportation device used all over the world."

Canoo's lifestyle vehicle, for example, will have the exterior footprint of a compact car, yet will offer a spacious interior space equal to a large SUV.

All of Canoo's vehicles will be built on a shared "skateboard" EV platform. Canoo says that using a flat platform enables its designers to create unique vehicles that look nothing else on the road today. Canoo says there is no need for modern electric vehicles to look like traditional cars.

The Canoo skateboard architecture will house the battery pack and electric drivetrain delivering up to 300 miles of range. All of Canoo's vehicles will share the same basic architecture. Other automakers, including Volkswagen and Volvo, are developing similar skateboard architectures to streamline the production of EVs.

The skateboard houses the most expensive components of the vehicle. According to Canoo, it's designed in a way that most crash testing does not need to be repeated for each vehicle, reducing the vehicle's development cycle timeline and costs.

canoocabin.jpg

Canoo's electric vehicle designs will focus on maximizing interior space.

Krause, whose job title is simply listed as "in charge" of Canoo, also worked at financially troubled EV startup Faraday Future, a company founded by Chinese entrepreneur Jia "YT" Yueting. Krause served as Faraday's CFO and COO. Krause left Faraday in Oct 2017 to start EVELOZITY.

In addition to Krause, the founding team includes Ulrich Kranz and Richard Kim. Both previously worked at BMW and with Krause at Faraday Future.

Canoo also hired Clemens Schmitz-Justen, former President of BMW Manufacturing. Justen will be in charge of manufacturing at Canoo and be responsible for overseeing Canoo's contract manufacturing strategy. The company plans to use contract manufacturing to outsource production of its electric vehicles in the U.S. and China.

Joining Canoo next month is James Cox. He spent the last four years at Uber, where he led global product operations for the Uber rider app. Prior to that, he was part of the product team that launched and built UberPOOL and spent a year launching ride-sharing (UberX) in Australia.

James will oversee Canoo's strategy for digital services, including the implementation of the company's cloud-based ecosystem.  Canoo is developing a lean, cloud-connected user interface.

The company already has more than 350 team members.

Canoo is moving away from the traditional automotive business model with a cost structure that is very lean. The company is focused on lowering costs and generating higher revenue by using a shared vehicle artechiture, refurbishing vehicles to keep them up to date over their lifecycle.

Canoo plans on using a partnership approach for technology such as autonomous driving that require very specialized expertise. The company's vehicles can be updated for autonomous driving once the technology advances.

Canoo will not have a network of dealers. The company will offer its vehicles and services directly to customers. Canoo's subscriptions will have no minimum commitment. Canoo will offer different packages available from 24 hour access to more flexible options with affordable payments. All subscription plans include insurance and other services.

The Company plans to launch its first model in the U.S. beginning in 2021.


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