The Canoo electric car is an upcoming electric car looking to shake up everything about the automotive industry. Canoo stock will be traded as stock ticker CNOO once listed on the market. If you thought Tesla had changed the game, Canoo is trying to throw the rulebook in a shredder.
The basic idea behind the Canoo car is that traditional cars have been the same fundamentally since the 1900s and we should move beyond that. Canoo is looking to be a modern car for modern life. By changing the seating layout of the car, Canoo is hoping to make a comfortable experience for up to 7 passengers, with only the diver and their co-pilot sitting traditionally.
Additionally, the Canoos are designed to be completely customizable. Out of the factory, a Canoo has absolutely nothing on the inside except for the seats. You can add accessories like cup holders, armrests and more using the pegboard siding that lines the interior walls of the Canoo. They haven’t announced the accessories they’ll be selling at launch (which projected for early 2022) but we can only imagine how many options there will be to customize the Canoo you drive.
The Canoo interior also has an interesting design philosophy, rather than using leather and fabric like a traditional car, the designers wanted the Canoo to feel like a loft. The Canoo has concrete floors, metal siding and the back of the driver’s seats are a textured wood panelling.
The hope is to make the Canoo a place where passengers can relax without feeling like they’re crammed into a car. Canoo wants to ensure that everyone feels like they’re chilling in a trendy loft instead of driving around the town.
The Canoo is sure to be completely different from any other car on the streets of LA.
“We chose to completely rethink car design and focus on what future users will actually need.” – Richard Kim, Canoo Design
Canoo Electric Car Memberships
If you want to buy a Canoo, you’re out of luck. One of the biggest innovations coming with the Canoo is that you can’t go to a dealer and buy a Canoo; instead you download the Canoo app and sign up for a Canoo membership. Then the company brings you a car for as long as you have a membership and take it back whenever you cancel.
Canoo is promising to let customers decide whether they need to have a car each month, so members can activate or pause their membership for a month if they aren’t going to be driving much, or just become a member for one month when they need a car rather than public transport.
By allowing people to jump in and out of owning a car. Canoo is hoping to make a more consumer-friendly version of traditional car ownership that doesn’t make people pay a large lump sum to buy a car or expensive and long contracts to lease their vehicle.
This membership model could be a big win for Canoo if it takes off. If customers enjoy the benefits of the membership model Canoo is going to be the only place offering a car membership. Even if other companies follow suit, Canoo will still have the pedigree and experience of being the first car membership.
The ambitious startup was founded by two former BMW Executives, Stephan Krause and Ulrich Kranz. The two started up Canoo after working together with another startup, Faraday Future. After leaving Faraday, Krause and Ulrich worked to start Canoo, looking to be categorically different from other auto startups and provide a more utilitarian vehicle than their contemporaries. .
Recently, in June, Krause left the company after stepping down as CEO back in August 2019 for personal reasons. Krantz took over as CEO back in August and is still in charge of the company as one of the co-founders. Krantz also sent out a company-wide email letting employees know that Canoo fundraising was ‘moving in the right direction’ after Krause left the company.
As part of fundraising, Canoo has started showing up on the stock market as a SPAC (special purpose acquisition company), which means they will be publicly traded despite having not entered commercial production for the car. Canoo isn’t the first electric car company to try to raise capital using the stock market, with Lordstown Motors and Nikola having done so in the past.
Right now, Canoo is in negotiations with Hennessy Capital Acquisition to fully go public as CNOO. Until that deal is locked in, people looking to invest in Canoo can buy into Hennessy, HCAC. Once negotiations are over investors will be able to purchase CNOO stock directly.
The Hennessy deal valued Canoo at 1.8 billion dollars, which is the most recent valuation of Canoo that we have.
Canoe or Canoo?
Canoo has had a touch of trouble on google from their name. Some customers have heard the name and assumed that it was spelled like the traditional canoe, but it’s a little different from that.
“[Canoe’s] represent mobility from the very beginning, when humans began starting to move,” Kranz said. “We are about smooth sailing in the city—quiet and smooth—there’s a good connection with [our] product.” – Krantz
According to the same source of that quote, the double o was the designer’s idea.
Canoo Electric Car Release Date
Unfortunately, we don’t have an official launch date for the Canoo. Though original information said that the company was moving towards a 2021 release, Canoo did admit to being delayed by COVID-19. CEO Ulrich Kranz told CNBC on August 18th that they were hoping to roll out the vehicle at the beginning of 2022.
Here are some Additional images of the Canoo EV below.