A major new deal has just been signed.
There was a time when we were concerned California-based startup Canoo was not going to make it. Last April, Hyundai withdrew from a previously signed deal to help develop Canoo’s skateboard multi-purpose EV platform. No doubt this was a major hit for the start-up and it refuses to give up.
This week, Canoo announced it’s come to an agreement with Panasonic to supply batteries for its new Lifestyle Vehicle. Canoo is also developing a Tesla Cybertruck-rivaling truck, MPV, delivery van, and a sedan. It should be noted that Panasonic also supplies batteries to Tesla. But unlike Tesla, Canoo’s unique design calls for the battery modules to be integrated directly into the modular platform structure instead of placing them into an enclosure that’s sealed and bolted into the chassis.
Canoo claims that moving away from a box-in-box design offers key advantages, such as space savings, cost optimization, and class-leading specific energy.
“Our team is very focused on continuous optimization and creating IP in the areas of battery module technology, higher energy density and on a flexible thermal management platform that contributes to enhanced safety and lower cost of ownership,” said Tony Aquila, Investor, Chairman & CEO, Canoo Inc.
“We designed our battery systems to account for future advancements in cell technology and today we are excited to announce the selection of Panasonic, a global technology company and a leader in the cylindrical lithium-ion battery industry, as our partner.”
Assuming everything goes according to plan, Canoo aims to launch its Lifestyle Vehicle in late 2022. It should be noted the deal with Panasonic seems to only be for this model, not the other models. Canoo hopes to begin production of the truck and MPV sometime in 2023.
VDL Nedcar, based in the Netherlands, has been tasked with building the Lifestyle Vehicle for both the US and Europe. Pricing details have not been announced at this time. Hopefully, all future Canoo models will also be eligible for US federal tax credits worth thousands of dollars.