Hyundai No Longer Backing EV Truck Startup Canoo

Aquila, who joined the company in 2020 following its SPAC IPO, explained to his audience Canoo’s board of directors has decided to “de-emphasize” its “engineering services” line and will instead focus on selling its own vehicles to commercial service companies, like delivery firms and other fleet operators. Sales to private customers no longer appear to be a priority, at least for the time being.

Monday’s presentation also revealed a new investor relations website that makes no mention of Hyundai, which has not commented on the report. Canoo’s new business strategy also aims to protect the intellectual property it’s developed. In addition to the truck and fleet services vehicle, Canoo is also reportedly developing a van but, again, it doesn’t sound like a Canoo dealership will be opening next to a Tesla store anytime soon.


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