Yet another EV company to go public through reverse merger

The latest craze in the electric vehicle (EV) market appears to be for companies that has yet to manufacture and sell a single EV to go public through a reverse merger at a ridiculous valuation.

In recent weeks and months we’ve seen similar events unfolding for the likes of Nikola Motors, Lordstown Motors, with a valuation of $1.6 billion, and Fisker pegged at $2.9 billion.

Enter stage left, Canoo, another EV startup that announced on Tuesday it will be merging with Hennessy Capital Acquisition Corp IV to go public and be listed on NASDAQ (CNOO) at a valuation of $2.4 billion.

If you haven’t heard of Canoo, you’re likely not alone. Founded in 2017 by two former employees of Faraday Future, they hope to begin manufacturing their first EV in 2021, a VW microbus-style van that will target consumers in major urban markets.

When it does hit the streets, you won’t be able to buy it though. Rather, it will only be available through a month-to-month subscription model. Canoo members will pay a single monthly fee which will include their own vehicle, maintenance, warranty, registration and access to insurance, and vehicle charging.

The EV will leverage the company’s flat skateboard design to maximize cargo and interior space. All future vehicles from Canoo will incorporate the same skateboard, with other vehicles having different cabins, or “top hats” to make them unique.

The company also has plans to release a delivery vehicle in 2023 using the same skateboard platform.

Are you buying a Tesla? If you enjoy our content and we helped in your decision, use our referral link to get three months of Full Self-Driving (FSD).
Previous Article

Summerland, B.C. to get 22 new EV charging stations

Next Article

Volkswagen publishes list of electric vehicle FAQs to help educate potential owners

You might be interested in …

hyperscreen

Mercedes Benz EQS recalled because the massive touchscreen allows drivers to watch TV and browse the internet while driving

Mercedes Benz has issued a recall for the EQS luxury sedan over concerns the MBUX infotainment system allows drivers to access some features they’re not supposed to while behind the wheel. According to a notice […]

Canada iZEV rebate

Canadian ZEV adoption continued to gain momentum in 2022, surpasses 10% market share for the first time

According to the latest numbers from S&P Global Mobility, Canadian zero-emission vehicle (ZEV) sales continued to grow in 2022. Nationally, one of every eleven new vehicle registrations was a zero-emission vehicle (ZEV), or 8.9 per […]