The electric vehicle startup Canoo, which went public in late 2020, is the latest company to gamble on consumer interest in battery-powered pickup trucks.
Driving the news: The Los Angeles-based company hopes to begin delivering them as early as 2023, with preorders opening in Q2 of this year.
The maker of a compact electric truck originally marketed for food service is focusing on a new, more urgent purpose: a mobile vaccine unit.
Why it matters: COVID-19 vaccine distribution is a logistical challenge in many communities, with people waiting in snaking lines of cars — and some lacking transportation altogether. Ayro's "electric vaccine vehicle" aims to address those challenges by setting up mobile stations to bring vaccines to the people.
Volvo Cars said this morning that it plans to sell only fully electric cars by 2030, building on a prior target of having 50% of sales come from fully electric models by 2025.
Why it matters: It marks the latest target by several automakers to electrify their passenger lineups.
The electric vehicle startup Lucid Motors is going public via merger with the special purpose acquisition company Churchill Capital Corp IV at a valuation of $24 billion, the companies said Monday.
Why it matters: The high value of the transaction with the blank-check firm headed by former Citi exec Michael Klein underscores how Lucid could be well positioned in the growing market.
Xos Inc., an electric truck company that counts UPS among its customers, said this morning that it's going public at a $2 billion valuation via a reverse merger with NextGen Acquisition Corp.
Why it matters: The California-based Xos' deal is the latest in a wave of electric vehicle companies going public via mergers with special purpose acquisition companies, signaling heavy investor interest in the sector.
While competitors like GM and Volkswagen are going all-electric, Toyota argues that a mix of hybrids, plug-in hybrids and EVs is better for the environment.
Why it matters: Battery electric vehicles (BEVs) aren't for everyone, and a new analysis shows that even people who own BEVs don't drive them as far as the average gasoline-powered car.
Driving the news: This morning the European company Volta Trucks announced that Proterra will supply batteries for its "Volta Zero" urban freight delivery vehicle.
Tesla is riding high these days, but two developments could create reputational risks for the world's most valuable car company.
Driving the news: Tesla is beginning to face criticism over the climate effects of its big new investment in bitcoin and the decision to accept it as payment — even though electric vehicles are lower-CO2 alternatives to gasoline vehicles.
Alternative vehicles have become the new biotechs, often racing into the public markets with little to no revenue.
Driving the news: Hyzon Motors, a hydrogen fuel cell truck and bus startup, is going public via SPAC at a $2.7 billion valuation. Its technology is commercialized, unlike Nikola, but says it plans to have only 5,000 vehicles delivered by the end of 2023.
Electric vehicle owners in California drive them less than half as many miles annually as the average gasoline-powered car in the U.S., a new analysis shows.
Why it matters: The finding "raises important questions about the potential for the technology to replace a vast majority of trips currently using gasoline," the working paper concludes.