Dec 18, 2020 08:36 PM EST
EV startup Canoo aims to offer smaller work vehicles for last-mile deliveries and small businesses the way Tesla doesn't lineup. On a Thursday announcement, Canoo revealed its futuristic electric delivery vans.
Canoo revealed two multi-purpose delivery vehicles - a medium-sized MPDV2 and a small MPDV1. The third, larger MPDV3, is in the process as well. The customizable vans can be used with many different types of businesses, as per Canoo.
The legacy startups and automakers alike announced plans for battery-powered work vans, with Mercedes-Benz, Bollinger, Rivian, and Ford, as per the Business Insider. These companies are making inroads into space in the last few years.
The EVs are perfect for commercial use because of their range, which often poses fewer issues, cheaper to run and maintain than gas-powered vehicles. Commercial vehicles also tend to follow predictable routes.
Canoo Holdings LTD says that its two multi-purpose delivery vehicles were designed to ensure that last-mile delivery companies and small businesses could maximize the value from their investment.
According to Benzinga via MSN, vehicles were designed through Canoo's proprietary electric platform and will have a price starting from $33,000. Customers can pre-order the vehicles, and they can request a refund deposit of $100.
The company will release initial variants of the multi-purpose delivery vehicles in 2022. It will be followed by the latest version like MPDV3 over time. However, the availability and production during the early stages are limited, and the company plans to gradually upscale in 2023.
Tony Aquila, Canoo's Executive Chairman, said the vehicle offers greater cargo capacity than the old electric delivery offerings in its class and is much affordable. Aquila added that the company aims to lower the total cost of ownership and increase the return of everyone's investment from local small businesses to large fleets.
The owners can generate a range of $50,000 to $80,000 return on capital investment in a span of six to seven years, Canoo estimated. The company targets to attract a wide range of customers like independent contractors, service technicians, and utility companies, with the best-in-class cost-benefit claim. Besides, it will extend an option to large entities and retailers such as retail and logistics companies, creating a custom co-developed vehicle to meet particular delivery criteria.
Canoo was to go public through the SPAC merger with Hennessy Capital Acquisition Corp IV at a $2.4 billion market cap by the end of 2020, as per August reports.
Last week, Jim Cramer, CNBC's "Mad Money" show host, suggested the stock as a buy at a price target of $15.64. On the last check on Friday, the HCAC shares went down by 2.12% in the pre-market session.
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