Back in 2019, we reported that you wouldn’t be able to buy one of the Canoo lifestyle vehicles, but you would be able to get a subscription for one. Canoo even opened up reservations for the subscriptions in early 2020. Its subscription approach seemed novel and disruptive, but it is now apparently on the shelf. Instead, its range of vehicles are being made available via the more traditional method of straight sales and preorders.
Its pickup trucks were already made available for preorder earlier this year, so it’s not a surprise that the whole range of vehicles are now available. It’s the first time that consumers will be able to buy the Lifestyle Vehicle, which is pretty exciting news. The vehicle has a sleek, futuristic design, 7 seats, and a range of around 250 miles. It’ll be available from 2022 and will cost between $34,750 and $49,950 depending on the model and before any optional equipment is added or incentives are applied. It can be reserved for $100, as can both the Pickup Truck and Delivery Vehicle (though these won’t be in production until 2023).
Canoo’s pricing strategy seems to be to make its vehicles an affordable EV choice, something that Tony Aquila, CEO & Executive Chairman of Canoo, backed up in a statement. “We are designing for people who work hard, play hard and need something reliable, that will last and give you value. We’re for the 99% not the 1%. Our vehicle line-up is built for the backbone of America – to give you value so you can work smarter.”
The company is banking on electric vehicles becoming the absolute norm with the internal combustion engine being consigned to the history books. Aquila said “It’s no longer a question of whether America will go EV — but when. Our line-up is future-forward and succeeds where others have struggled: Giving people the EV that works smarter for them at a price that can work for their budgets. That’s why we are designing for flexible use cases and focused on productivity solutions.” Now it just remains to be seen if consumer confidence can match Canoo’s confidence.
It was revealed recently that Canoo is under investigation by the Securities and Exchange Commission. It comes not long after Canoo was merged with special purpose acquisition capital company Hennessey Capital Acquisition Corp in a deal that was worth a reported $2.4 billion. The investigation appears to be wide-ranging and takes in the aforementioned merger, its business model, its customer agreements and more. Canoo’s share price dropped as a result of the news. An investigation doesn’t automatically mean there has been any wrongdoing or criminal activity, but it is of course something that can spook investors.
Canoo’s story does seem to have been quite turbulent to date so it will be interesting to see how it plays out in the future.
Featured image courtesy Canoo.
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