Canoo

About Canoo

Canoo Inc. was an American electric vehicle (EV) manufacturer that operated from 2017 to early 2025, specializing in a modular, multi-purpose platform architecture. The company was founded as Evelozcity in 2017 by Stefan Krause, former CFO of Deutsche Bank, and Ulrich Kranz, a former senior executive from BMW. Both founders had previously worked at Faraday Future before leaving to establish their own venture. Karl-Thomas Neumann, the former head of Opel, also joined as a co-founder. The company rebranded to Canoo in March 2019.

The founders brought significant automotive and financial expertise. Kranz was a key figure in BMW's "Project i," which led to the i3 electric car, while Krause provided a strong financial background. Tony Aquila, an entrepreneur with a background in the automotive technology sector through his founding of Solera Holdings, joined as an initial investor, became Executive Chairman in October 2020, and then CEO in April 2021, replacing Kranz. Aquila's leadership marked a strategic pivot from a consumer-focused subscription model towards commercial fleet sales.

Canoo's business model centered on a versatile "skateboard" platform that could accommodate various vehicle types, or "top hats." This design philosophy aimed to streamline production and reduce costs. The company targeted commercial clients, including fleet operators, as well as government and military customers. Initial plans also included a direct-to-consumer subscription service, which was later de-emphasized. In September 2020, Canoo went public through a merger with a special-purpose acquisition company (SPAC), Hennessy Capital Acquisition Corp. IV, valuing the company at $2.4 billion. Despite securing orders from major companies like Walmart and Kingbee, and contracts with NASA and the U.S. Department of Defense, Canoo faced significant financial challenges. For 2023, it reported revenues of $886,000.

The company's product line was based on its multi-purpose platform and included several proposed vehicles. The Canoo Lifestyle Vehicle (LV), a minivan-style vehicle, was the first prototype revealed. The Multi-Purpose Delivery Vehicle (MPDV) was aimed at the commercial delivery market. The company also announced an electric pickup truck featuring a compact footprint with an expandable 6-to-8-foot bed, fold-down workbenches, and integrated power plugs. These vehicles were designed with steer-by-wire technology, eliminating the traditional steering column to maximize interior space. The dual-motor configurations were projected to offer up to 600 horsepower, with an 80 kWh battery pack providing an estimated range of over 200 miles. After a period of executive departures and strategic shifts, Canoo filed for Chapter 7 bankruptcy and liquidation in January 2025.