Canoo, an electric vehicle prototype that will be available by subscription starting in 2021. Photo: Courtesy of Canoo

Electric vehicles, which don't have an engine, transmission or other space-eating components, allow automotive designers the freedom to rethink what a car should be. One example: Canoo, which debuted Tuesday night in Los Angeles.

Why it matters: Canoo reimagines everything about the automobile, including the business model. Instead of buying a Canoo, consumers will only be able to get one via monthly subscription.

  • “We promised a truly different approach for EVs, and our canoo proves that we can deliver on that vision," according to a statement by Ulrich Kranz, whose title, "In Charge" at Canoo, has its own unique flair.

Details: The urban loft on wheels is about the size of a compact car, with a spacious, lounge-like interior and room for 7.

  • Passengers "bring their own device" to control non-driving features such as navigation, music or climate.
  • The electric "skateboard" platform can support different vehicle designs and the 250-mile range battery can be recharged to 80% in about 30 minutes.

Canoo, founded less than 2 years ago, plans to market a 4-model range that will include personal commuter and "lifestyle" vehicles, as well as commercial vehicles for ride and delivery services, according to Reuters.

  • Manufacturing will be handled by a contract manufacturer.
  • The company was founded by former BMW executives Kranz and Richard Kim, along with former Deutsche Bank exec Stefan Krause. All 3 previously worked at another California-based EV startup, Faraday Future.

Go deeper

Uber to buy Postmates in $2.65 billion deal

Illustration: Sarah Grillo/Axios

Uber has agreed to acquire food delivery company Postmates for $2.65 million in an all-stock deal, the companies announced Monday.

Why it matters: This is the latest merger for the food delivery space as the sector undergoes an ongoing market consolidation.

Analysts expect soaring stock market despite slashed earnings forecasts

Data: FactSet; Chart: Axios Visuals

Despite cutting expectations for companies' earnings by the most in history and revenue by the most since 2009, Wall Street analysts are getting increasingly bullish on the overall direction of the U.S. stock market.

What's happening: Equity analysts are expecting earnings in the second quarter to fall by 43.8% — the most since 2008's fourth quarter 69.1% decline.

Case growth outpacing testing in coronavirus hotspots

Data: The COVID Tracking Project. Note: Vermont and Hawaii were not included because they have fewer than 20 cases per day. Chart: Andrew Witherspoon/Axios

The United States' alarming rise in coronavirus cases isn't due to increased testing — particularly not where cases have grown fastest over the last month.

Why it matters: The U.S. doesn't yet know what it looks like when a pandemic rages on relatively unchecked after the health system has become overwhelmed. It may be about to find out.