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Canoo
Canoo Inc. was an American automotive company based in Torrance, California, that developed and manufactured electric vehicles. Canoo's research and development team was based in Michigan, in the Detroit region (Auburn Hills, Livonia), and production operations in Justin, Texas. The company had plans to produce commercial electric vehicles such as vans for fleet, vehicle rental, and ride-sharing services. On January 17, 2025, Canoo filed for Chapter 7 bankruptcy.
Canoo was founded in 2017 under the name Evelozcity by Stefan Krause and Ulrich Kranz. Krause worked for Deutsche Bank as its chief financial officer while Kranz worked for BMW as a senior executive. Both men had met at rival EV company Faraday Future before leaving together to form their own company in 2017, due to disagreement with Faraday Future's leadership. Krause took on the role of chief executive officer at Evelozcity, and Kranz became chief technology officer. The company received its primary funding from Chinese investor Li Pak-tam and German entrepreneur David Stern.
In April 2018, Evelozcity Canoo hired Karl-Thomas Neumann, the former head of Opel, as a senior executive.
In March 2019 Evelozcity was renamed Canoo. In July 2019, Neumann left Canoo, but he remained an investor in the company.
In September 2019, the company presented its first vehicle prototype, the electric van Canoo, which was later renamed to the Canoo Lifestyle Vehicle.
In February 2020, Hyundai Motor Group, the parent company of Hyundai Motors and Kia Motors, announced that the company would partner with Canoo on the joint development of a new electric vehicle platform. The platform would be used for compact vehicles and for fleet vehicles such as shuttles. The deal is part of Hyundai's Strategy 2025 program which will see Hyundai investing US$87 billion for five years starting in 2020.
In July 2020, co-founder Stefan Krause left the company. He had previously taken an extended leave of absence in August 2019 for family reasons. Co-founder Ulrich Kranz assumed the role of permanent CEO upon Krause's departure. Also in July 2020, Canoo was featured on the TV program Jay Leno's Garage.
In September 2020, Canoo announced a merger with the special-purpose acquisition company Hennessy Capital Acquisition Corp. IV., intending to list Canoo on the NASDAQ valued at $2.4 billion. The expectation was to raise $300 million to help finance the production of the Canoo minivan, planned for launch in 2022. On December 22, 2020, Canoo completed its merger with Hennessy Capital Acquisition Corp IV.
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Canoo
Canoo Inc. was an American automotive company based in Torrance, California, that developed and manufactured electric vehicles. Canoo's research and development team was based in Michigan, in the Detroit region (Auburn Hills, Livonia), and production operations in Justin, Texas. The company had plans to produce commercial electric vehicles such as vans for fleet, vehicle rental, and ride-sharing services. On January 17, 2025, Canoo filed for Chapter 7 bankruptcy.
Canoo was founded in 2017 under the name Evelozcity by Stefan Krause and Ulrich Kranz. Krause worked for Deutsche Bank as its chief financial officer while Kranz worked for BMW as a senior executive. Both men had met at rival EV company Faraday Future before leaving together to form their own company in 2017, due to disagreement with Faraday Future's leadership. Krause took on the role of chief executive officer at Evelozcity, and Kranz became chief technology officer. The company received its primary funding from Chinese investor Li Pak-tam and German entrepreneur David Stern.
In April 2018, Evelozcity Canoo hired Karl-Thomas Neumann, the former head of Opel, as a senior executive.
In March 2019 Evelozcity was renamed Canoo. In July 2019, Neumann left Canoo, but he remained an investor in the company.
In September 2019, the company presented its first vehicle prototype, the electric van Canoo, which was later renamed to the Canoo Lifestyle Vehicle.
In February 2020, Hyundai Motor Group, the parent company of Hyundai Motors and Kia Motors, announced that the company would partner with Canoo on the joint development of a new electric vehicle platform. The platform would be used for compact vehicles and for fleet vehicles such as shuttles. The deal is part of Hyundai's Strategy 2025 program which will see Hyundai investing US$87 billion for five years starting in 2020.
In July 2020, co-founder Stefan Krause left the company. He had previously taken an extended leave of absence in August 2019 for family reasons. Co-founder Ulrich Kranz assumed the role of permanent CEO upon Krause's departure. Also in July 2020, Canoo was featured on the TV program Jay Leno's Garage.
In September 2020, Canoo announced a merger with the special-purpose acquisition company Hennessy Capital Acquisition Corp. IV., intending to list Canoo on the NASDAQ valued at $2.4 billion. The expectation was to raise $300 million to help finance the production of the Canoo minivan, planned for launch in 2022. On December 22, 2020, Canoo completed its merger with Hennessy Capital Acquisition Corp IV.