Canoo Inc. is an electric start-up company founded in 2017. It is now a leading advanced mobility company that manufactures high-tech vehicles for civilians and the army. The company was awarded a contract in July 2022 from the US army to develop a light to the heavy tactical vehicle. The company recently delivered its first LTV – light tactical vehicle as a part of the $67,500 contract. The vehicle was sent to the US army for demonstration and analysis purposes.
The light Tactical vehicle is developed to withstand extreme environmental conditions. The vehicle design consists of stealth configurations and is highly durable, explicitly focusing on battery and passenger safety. The LTV uses carbon and kevlar fiber for protective coating without causing additional weight. The Canoo tactical truck is designed for human ergonomics, considering height, body motion, and multi-tasking components.
Features of Canoo Light Tactical Vehicle (LTV)
- Canoo LTV – Modular make for Multi-purpose Use
The LTV is a modified version of its pick-up truck. It is versatile and can be converted from pick pick-up truck to a flatbed one or a cargo vehicle. The convertible flatbed platform can easily carry standard-sized plywood, oversized construction materials, tactical equipment, and attachments for any specific mission.
The modular structure of the LTV makes it easy for accessories and attachments to quickly interchange from a flatbed wall to another type of platform, including ramps, racks, tents, storage boxes, or tactical systems. The modular fittings make it easy for the LTV to configure itself to mission-specific engagements at lower investment costs.
- A Single Platform with Several Variants
The LTV utilizes Canoo’s proprietary platform, which is multi-purpose. It integrates all critical aspects of an electric power vehicle. This ensures maximum cargo and cabin space. The exact specifications will be available when commercial production starts. Battery-operated tactical van from the Canoo stable is customer oriented, focusing on productivity, lower cost of ownership, and higher return on investment.
- Enhanced Performance
The Light Tactical Vehicle has an all-wheel drive system with a dual motor powertrain of up to 600 HP. To tackle off-road conditions, the powertrain has a raised suspension, air springs, and 32 inches tires for all terrains. The Air Springs have replaced transverse leaf springs and redesigned arm controls.
- Carbon Kevlar Panels
The LTV Chassis is slightly modified with carbon Kevlar panels that provide additional ballistic protection. The spare tire is installed between the cab and the bed. It is cleverly placed so that it can be a deflection point for bullets aimed at the vehicle.
The pick-up gates flap down to create an area of the flatbed that can hold two pallets with anchor points running on the other three sides. The gear tunnel doors double up as steps to the flat pick-up bed. The decked infantry enters through the tall large doors while the passengers get a flat space ahead of the gears and other peripherals.
Canoo –The Start-up Journey so far
The company was formed in late 2017 by two ex-employees of Faraday Future. It developed various EV concepts, including electric trucks and multi-purpose delivery vans. NASA selected this vehicle for transporting its astronauts to the launch pad in the Artemis mission to the moon.
The co-founder Stefan Krause was an executive with BMW and later joined EV start-up Faraday Future. Later he and some other executives left the struggling Faraday Future to start Canoo, which was initially known as Evelozcity.
Faraday futures sued Canoo for stealing trade secrets and employee poaching, which was later settled through a lawsuit in 2018.
Canoo has been working on several EV models, including multi-purpose delivery vans, pick-up trucks, and the LTV. The pick-up truck developed by the company showed that it was willing to experiment with the design of the microbus-type vehicle. The truck debuted in 2019, which Canoo had initially planned to sell only on a subscription model.
Canoo Inc.’s mission is to introduce Electric Vehicles to everyone. It has been bold in its innovative technology, designs, and unique business model that covers the vehicle’s lifecycle. The experienced team, part of leading automotive brands, now wants to change the automotive landscape.
The modular platform allows the vehicle to be customized for all owners – businesses, and consumers, by providing maximum interior space. The company is headquartered in Bentonville, Arkansas, and has the infrastructure, including teams in Texas, California, Michigan, and Oklahoma. It is listed on the Nasdaq under the ticker code – GOEV and was the last trading at $1.3.
Challenging Period
The company started 2022 with a warning that it was having cash problems and unable to secure fresh investments. It said it would run out of funds if there were no fresh investments or new vehicle orders. It laid off executives even as the Securities Commission investigated its merger with a purpose company. Delayed payments and shortfalls in the supply of parts also cause production delays.
The company’s prospects, however, turned around in the middle of this year when it signed two separate agreements in July 2022. It signed an agreement with Walmart to supply 4,500 electric Vehicles and another with the US army for the light tactile vehicle. The company announced in December about delivering a prototype of the LTV to the Pentagon for testing and approval.
Outlook
For the civilian segment, Canoo secured a lifeline with its agreement with Walmart. The company has constructed a battery plant and construction facility in Oklahoma from its plans to produce 20,000 lifestyle Vehicles and delivery vans by the end of 2023. It will take care of the 4,500 delivery cans ordered from Walmart and cater to other consumers.
The US military is known for producing the largest carbon footprints in more than 140 countries. At the beginning of 2022, the Pentagon announced its plans to be a net zero emission department. Among several strategies, one shifted its army cars, including combat and support vehicles, from fuel to electric. This decision turned out to be favorable for Canoo.
In July 2022, Canoo got a contract from the US army to create a new Light Tactical Vehicle (LTV) to a heavy-duty Battery Electric Vehicle or semi-hybrid electric vehicle.
The Pentagon will be testing several EV programs, including the military electric vehicles, throughout 2023. Besides Canoo LTV, they will test the Ultium batteries from General Motors and Abrams Battle tanks.
Canoo also has a presence in NASA. The US Space agency recently tapped the Canoo Lifestyle Vehicle to transport astronauts between the Launch center and the launchpad for the Artemis moon mission.
Can Lifestyle Vehicle
The Canoo lifestyle vehicle is a battery-operated electric minivan developed by Canoo Inc. The EV maker has announced four models in this segment with a range estimated between 400 km (250 miles) and estimated acceleration from 0-100 km/ hour in 6.3 seconds.
The lifestyle vehicle production commenced after the company got fresh funding and acquired two manufacturing facilities. The deliveries are expected to begin in 2023. The base price of these vehicles announced is $34,750.
Can Lifestyle Vehicle – Design, Specification, and Production
The flagship electric vehicle will be available in four models, with the base model having seating for five people. The premium model will seat seven persons with two additional seats with a glass roof, a 17-speaker audio system, ambient lighting, and an ultraviolet air purifying system.
The vehicle will be built on chassis integrating the battery and a drive-by-wire system that eliminates the need for mechanical connections. The body is made of a steel frame covered with plastic panels. The 80 kWh lithium-ion battery can last up to 400 km and make by Panasonic.
The two manufacturing facilities at Pryor, Oklahoma, and
Arkansas will be used for assembling the lifestyle vehicles. The company plans to build around 3000 vehicles in 2022, 14,000 in 2023, 40,000 in 2024, and 70,000 in 2025.
Canoo Lives to See another Day
Canoo faced adversity and challenges for light tactical vehicle throughout 2022 but has overcome them. The first quarter saw losses of $125 million. Still, the company’s latest quarterly filing shows it is on track to start production with a healthy order book of over $2 billion, including a binding order of $750 million. Apart from the Walmart order of 4,500 vans, it has orders of 5,500 EVS from Zeeba, a fleet solution provider, and 9,300 vans from Kingbee, a rental van company, with the option of doubling the orders.
The company now has access to up to $200 million through the ATM offering program despite suffering a loss of $117 million in quarter 3. When the production starts, the operating expenses are expected to be between $70 and $ 90 million for Quarter 4. Canoo’s share price rose to $13 in November 2021 but crashed 84% in 2022. The start of EV production is expected to boost Canoo investors again.
