EV maker Canoo unveiled its latest model, the “American Bulldog” electric pickup truck, on Friday. Canoo says its new electric truck is “woven into the American spirit” with grit and innovation.
After settling a multi-year SEC investigation earlier this year, Canoo is ready to put the past behind it.
The struggling EV startup delivered vehicles to the US Army and NASA. It has also added several clients, including Walmart.
Canoo secured $113 million in combined incentives for its EV assembly and battery module manufacturing plants in OKC and Pryor, respectively, in August. It also introduced its LDV 190, expanding its reach into the Class 3 electric cargo van market.
The LDV 190 shares the same Mutli-Purpose platform as its smaller LDV 130 but features a “beefed-up suspension” to handle the increased payload.
Canoo’s MPP serves as the base for all of its vehicles. Its lineup includes the Lifestyle Vehicle (Delivery, Base, Premium, and Adventure), Multi-Purpose Delivery Vehicle, and pickup.
Meet the Canoo American Bulldog electric pickup
The EV maker says the American Bulldog “builds upon Canoo’s rapid product development and real-world testing.”
“Like the American Bulldog, this vehicle is loyal and courageous. It’s woven into the American spirit and reflects this country’s innovation,” Tony Aquila, Canoo’s CEO, explained. “When we say ‘Made in America,’ we mean it.”
The electric pickup “performs like a battleship” with a strong and rugged design. Canoo compares the vehicle’s “strength” and “determination” to American workers, reminiscent of a Chevy Silverado or Ford F-150 ad.
Although the American Bulldog is sleek and seems like a functional idea, will we see it hit the streets? It’s not likely.
Canoo, like other EV startups, is facing severe financial pressure. The company just began generating revenue from its first deliveries through a contract with the US government.
The company lost $161.6 million through the first half of the year, with no revenue generated. Its production plan requires significant funding, and Canoo had about $5 million in cash and equivalents at the end of June.
The company has repeatedly doubted its ability to continue operations due to a lack of funding over the past few years.
Canoo reports third-quarter earnings on November 14, so we will learn more about the company’s financial situation next week.
Meanwhile, if Canoo can survive, the company expects to benefit from its “Made in America” strategy. Canoo customers benefit from the IRA’s Commercial Clean Vehicle Tax Credit. Customers who buy a Canoo EV are eligible for the $7,500 tax credit.