Canoo unveils robust electric pickup truck

EV maker Canoo recently unveiled its latest model, the "American Bulldog" electric pickup truck. According to Canoo, this new electric truck embodies the American spirit with its grit and innovation.

After settling a multiyear SEC investigation earlier this year, Canoo is eager to leave the past behind and focus on the future.

The struggling EV startup has made significant strides, delivering vehicles to prestigious clients such as the US Army and NASA. Additionally, Canoo has gained new customers, including Walmart.

In August, Canoo secured $113 million in combined incentives for its EV assembly and battery module manufacturing plants in OKC and Pryor. The company also expanded its product lineup with the introduction of the LDV 190, a Class 3 electric cargo van.

The LDV 190 shares the same Mutli-Purpose platform as its smaller counterpart, the LDV 130. However, it features a "beefed-up suspension" to handle heavier payloads.

The base for all of Canoo's vehicles is its Mutli-Purpose Platform (MPP), which includes the Lifestyle Vehicle (Delivery, Base, Premium, and Adventure), Multi-Purpose Delivery Vehicle, and pickup.

Canoo's latest innovation is the American Bulldog electric pickup truck. This vehicle is a derivative of the Screaming Eagle, which was previously delivered to the US Army for testing in 2022.

According to Canoo's CEO, Tony Aquila, the American Bulldog represents loyalty, courage, and innovation. It embodies the American spirit and is a true reflection of the country's innovative nature.

The electric pickup boasts a strong and rugged design, with Canoo comparing its "strength" and "determination" to that of American workers, reminiscent of popular truck models like the Chevy Silverado or Ford F-150.

While the American Bulldog is an impressive concept, its chances of hitting the streets are uncertain. Canoo, like many other EV startups, is facing significant financial pressure. The company has only recently begun generating revenue through its contract with the US government.

Canoo reported a loss of $161.6 million in the first half of the year, with no revenue generated. The company's production plans require substantial funding, and as of June, Canoo had only about $5 million in cash and equivalents.

Over the past few years, Canoo has expressed doubts about its ability to continue operations due to a lack of funding. The company's financial situation will be further revealed when it reports its third-quarter earnings on November 14.

If Canoo can survive these financial challenges, it expects to benefit from its "Made in America" strategy. Canoo customers can also take advantage of the IRA's Commercial Clean Vehicle Tax Credit, making them eligible for a $7,500 tax credit when purchasing a Canoo EV.