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Electric vehicle startup Canoo will offer cars by subscription only

Electric vehicle startup Canoo will offer cars by subscription only

India, March 26, 2019 :  The U.S. Electric vehicle startup Evelozcity, has changed its name to Canoo and said on Monday that it will introduce a range of EV models to private and commercial customers by subscription only and said it will start sales in the United States in 2021, eventually expanding to China.


Evelozcity was founded in late 2017 and based in a Los Angeles suburb, Canoo said it is planning a "lean" operation that will rely on a contract manufacturer to assemble its vehicles.

Canoo also plans to market a four-model range that will include personal commuter and "lifestyle" vehicles, as well as commercial vehicles for ride and delivery services by constructing different “cabins” that can be dropped into the universal skateboard. Previously, the company has said it is aiming to build vehicles that ultimately cost between around $35,000 to $50,000.

Canoo did not provide any details on pricing but said it would not have a dealer network. It will offer a variety of subscriptions of different duration, some bundled with insurance and related services.

In mid-March, German publication Automobilwoche reported the company was in talks with Canadian supplier Magna International and its unit Magna-Steyr to assemble the startup's vehicles in the United States.

While current models would be traditional, self-driven, cars the company says it is exploring options of deploying autonomously driven cars in the future.  Canoo said it has 350 employees and announced several key hires, including former executives of Uber, SAIC Motor and STMicroelectronics.

The company was founded by Stefan Krause, Ulrich Kranz and Richard Kim, all of whom worked previously at another California-based EV startup, Faraday Future. Krause is a former top Executive at Deutsche Bank. Kranz was a Senior Vice President at BMW's electric vehicle unit. Kim previously led the exterior design of the BMW i3.