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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

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U.S. surpasses 25 million COVID cases

A mass COVID-19 vaccination site at Dodger Stadium on Jan. 22 in Los Angeles, California. Photo: Mario Tama/Getty Images

The U.S has confirmed more than 25 million coronavirus cases, per Johns Hopkins data updated on Sunday.

The big picture: President Biden has said he expects the country's death toll to exceed 500,000 people by next month, as the rate of deaths due to the virus continues to escalate.

GOP implosion: Trump threats, payback

Spotted last week on a work van in Evansville, Ind. Photo: Sam Owens/The Evansville Courier & Press via Reuters

The GOP is getting torn apart by a spreading revolt against party leaders for failing to stand up for former President Trump and punish his critics.

Why it matters: Republican leaders suffered a nightmarish two months in Washington. Outside the nation’s capital, it's even worse.

Erica Pandey, author of @Work
6 hours ago - Economy & Business

The limits of Biden's plan to cancel student debt

Data: New York Fed Consumer Credit Panel/Equifax; Chart: Axios Visuals

There’s a growing consensus among Americans who want President Biden to cancel student debt — but addressing the ballooning debt burden is much more complicated than it seems.

Why it matters: Student debt is stopping millions of Americans from buying homes, buying cars and starting families. And the crisis is rapidly getting worse.