Canoo (GOEV) announced an electric pickup that will hit roads in 2023, taking on auto giants and new EV peers in the hottest segment of the U.S. electric vehicle market. Canoo stock and other EV stocks rose.
The recently public startup will start taking orders for the electric truck in the second quarter of 2021 and begin deliveries in 2023, it said late Wednesday. Apple (AAPL) reportedly considered investing in or buying Canoo as the iPhone maker mulls an electric car of its own.
The snub-nosed EV truck, built on a proprietary, modular platform, will offer a “fold down worktable with electrical outlets” for both consumers and commercial customers.
Canoo touts more than 200 miles of battery range for the yet-unnamed truck and “massive cargo capacity on the smallest footprint possible.” The company’s proposed lineup already includes a seven-seater van-like EV, which it styles a “lifestyle vehicle” or “loft on wheels,” and a delivery vehicle.
Over the next year or two, General Motors (GM), Ford (F) and Tesla (TSLA) all plan to launch electric pickup trucks for the first time.
So do EV startups Rivian, backed by Ford and Amazon (AMZN), and Lordstown Motors (RIDE).
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Canoo Stock, EV Stocks
Canoo stock jumped 14% to 14.68 on the stock market today. Tesla stock added 4.7% while Ford stock and GM dipped 0.9%. Among other EV stocks, Lordstown gained 4.2% and China’s Nio (NIO) surged 11%.
Both Lordstown and Canoo emerged via mergers with shell companies, known as SPAC deals, last year. Surging Tesla shares fueled the rise of new EV stocks.
AutoForecast Solutions estimates electric pickup trucks will account for 5.7% of North America’s pickup production in 2028. That would be up from about 1% in 2022, according to Reuters.
Find Aparna Narayanan on Twitter at @IBD_Aparna.
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