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Canoo has $1 billion in “orders” but only $33.8 million in cash

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COdogman

COdogman

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It's over guys and gals.
I fear you might be right but I still hope all the legitimate EV startups (meaning those with functional vehicles and ideas) do make it.
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I have a very early pre-order for a Canoo truck, that I changed to a Lifestyle van. I can change back to a truck, but I need two rows for the truck so probably won’t switch back. That said, I was told by their support to not expect one until late 2023 at the earliest, so I’m likely out of the Canoo running, especially with the IRA and no BPA offered by Canoo.

Rivian R1T R1S Canoo has $1 billion in “orders” but only $33.8 million in cash 907ED458-4607-47D1-BA47-D2B0D5C4DC87
 
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I have a very early pre-order for a Canoo truck, that I changed to a Lifestyle van. I can change back to a truck, but I need two rows for the truck so probably won’t switch back. That said, I was told by their support to not expect one until late 2023 at the earliest, so I’m likely out of the Canoo running, especially with the IRA and no BPA offered by Canoo.

907ED458-4607-47D1-BA47-D2B0D5C4DC87.jpeg
At least they are trying to be up front with you about what's going on. If they were able to deliver to you by end of 2023 that would actually be impressive to me. They seem so far behind at this point.
 

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My theory on Canoo is they're now only in this to be acquired by Walmart, but to do that, they've got to find a company they've not already pissed off to build the LDV's. Walmart are a tough company to sell to, so Canoo has done well in that respect so far, but it's going to be a tough few months. Walmart already has a warrant for 61M shares at $2.05 each, so to some extent they already have a lot of influence over Canoo, without the capital outlay.
 

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My theory on Canoo is they're now only in this to be acquired by Walmart, but to do that, they've got to find a company they've not already pissed off to build the LDV's. Walmart are a tough company to sell to, so Canoo has done well in that respect so far, but it's going to be a tough few months. Walmart already has a warrant for 61M shares at $2.05 each, so to some extent they already have a lot of influence over Canoo, without the capital outlay.
I have felt for a long time they were trying harder to get acquired than they were to actually build vehicles, so that would make a bunch of sense. But as you said, Walmart hasn't really done things that way. They seem to prefer turning the screws on other companies vs. buying them up.
 

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yeah, the other mystery is that Walmart aren't really interested in needing humans to deliver stuff, but Canoo has no autonomy to speak off (their deal with AVL is, at best, for Level 2 autonomy). Walmart are dabbling with a few companies, notably Argo, so maybe their long-term plan is to bring the two together, but Argo is in bed with VW & Ford.

Tony's a great salesman, just struggling to see the long-term play here.
 

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If the Canoo pickup was in production I would choose it over the R1T. It’s a 21st century version of the 1950/1960’s VW air-cooled pickup truck.

Rivian R1T R1S Canoo has $1 billion in “orders” but only $33.8 million in cash 360E238D-BBD3-4121-B538-6AD8D5C8D6C4
Rivian R1T R1S Canoo has $1 billion in “orders” but only $33.8 million in cash 06AD9D59-9B12-4B25-8721-0985882581A6
Rivian R1T R1S Canoo has $1 billion in “orders” but only $33.8 million in cash AD8D8763-0CDC-4A13-AE4C-1CDD14FB983C
 
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This is a good read: https://fortune.com/2022/08/27/canoo-electric-vehicles-walmart-struggles-tony-aquila/ (paywalled, but opening in Safari Reader view bypasses it).

Having worked directly for Tony for a couple of years, and indirectly for a few more, nothing here is remotely surprising.
Oof. That was a scary look behind the curtain. I have never worked in those circles before so I won’t pretend to understand what passes now as a solid company, but it sure feels to me like Canoo is held together with rubber bands and scotch tape.
 

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If the Canoo pickup was in production I would choose it over the R1T. It’s a 21st century version of the 1950/1960’s VW air-cooled pickup truck.

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That is what originally captured my attention as well. It’s a great concept and that cab-over design has proven useful in the past.
 

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I cannot think of any situation in which I’d prefer a short range, light capacity electric vehicle instead of a currently fielded diesel powered truck. Total waste of time and resources for the military but good on Canoo for figuring out a way for someone else to foot the bill doing a lot of useful real world testing.
 

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I cannot think of any situation in which I’d prefer a short range, light capacity electric vehicle instead of a currently fielded diesel powered truck. Total waste of time and resources for the military but good on Canoo for figuring out a way for someone else to foot the bill doing a lot of useful real world testing.
Ummm do you know what real-world uses look like for military trucks and utility carts? Do you know how many Polaris Rangers and GEM carts we have? They aren't targeting the next Humvee, they're targeting 90% of our fleet.
 

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Ummm do you know what real-world uses look like for military trucks and utility carts? Do you know how many Polaris Rangers and GEM carts we have? They aren't targeting the next Humvee, they're targeting 90% of our fleet.
I do, been doing it for a long time. I prefer a ranger or similar little UTV that can be refueled with a jerry can in five minutes and not require more equipment to be purchased and supplied to the military to facilitate charging.

Edit: to put things in perspective, the LTV is wider, taller, nearly as long as and weighs more than a modern midsize pickup truck. The gators we use are five feet shorter, 1.5’ narrower and weigh 4000lbs less than the LTV.
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