Electric vehicle startup Canoo to offer cars on subscription basis

Canoo has planned to market a four-model range which includes lifestyle vehicle, personal commuter, last-mile delivery vehicle and a ride-hailing vehicle.

The US-based electric vehicle startup Canoo, formerly known as Evolzcity, has announced that it will sell a wide range of electric vehicles to private and commercial customers on the basis of a subscription model. Canoo has planned to launch first vehicle in the United States in 2021 and has aimed to expand across China.

As reported by Reuters, Canoo has planned to market a four-model range which include lifestyle vehicle, personal commuter, last-mile delivery vehicle and ride-hailing vehicle. The lifestyle vehicle will be designed to maximize interior space. It will have exterior footprint of a compact car with interior space of SUV.

Canoo has not unveiled the names of its investors but reportedly secured about $1 billion in funding. Canoo has not shared any specific pricing plans but it would not have any dealer network. It will offer different packages with different durations for affordable payments with insurance and other related services. There will be flexible plans with no set date, cite sources.

Reportedly, Canoo has initial plans to make people try their vehicle. Subscribers will be given an option to choose from different “top hats” pertaining to the car’s interior.

As per reliable sources, Canoo was reported planning to partner with Magna International and its unit Magna-Steyr to assemble Canoo’s vehicles in the United States. Canoo stated that the company is evaluating partners for manufacturing but there are no contracts signed with anyone for this matter. However, Magna has declined to comment on this. Canoo has plans to partner with self-driving technology providers to manufacture future automated versions of its vehicles.

For the record, Canoo has 350 employees and it has announced that it has hired several executives including former executives of SAIC Motor, Uber and STMicroelectronics.