After Tesla was on fire, a batch of new car-making forces entered the electric vehicle market one after another, hoping to become the next Tesla. Among them, American electric vehicle startup Canopy is different because it paints a completely different picture.
The product is unique, cute on the outside and practical on the inside
Canoo is a California-based electric vehicle startup formerly known as Equalozcity, founded in December 2017 by former Faraday Future executives Stefan Krause and Ulrich Kranz. In the four years since its founding, Canoo has launched three models, and the company's "distinctive" GENES are clearly reflected in these three cars.
Canoo's first model, called "Lifestyle Vehicle" on the official website, resembles a minibus in shape, rather than a traditional electric SUV, and looks very cute, like a pea. Not only is the car unique in appearance, but the interior of the cockpit is also designed differently from that of traditional cars, with two seats in one row of driver's seats, a circular sofa in the rear row, which can accommodate up to seven people, and the interior space is very spacious due to the elimination of traditional seat partitions at the rear of the vehicle.
Lifestyle Vehicle exterior (Image: Canoo)
In addition, Canoo also said that the Lifestyle Vehicle is the first model on the market to steer-by-wire, and there is no hard connection between the steering wheel and the wheels. The car is expected to hit the U.S. market by the end of 2022 and starts at $34,750.
Lifestyle Vehicle interior (Image: Canoo)
Canoo's second car, called the MPDV, is an electric multi-purpose delivery vehicle released at the end of 2020. The most unique thing about this car is its flexibility, which can be modularly customized for different use cases, and the target customers can be either small businesses or large delivery companies that focus on the last mile, such as parcel delivery fleets, retailers, large enterprises and logistics companies, etc., while the average consumer can also turn it into a livelihood tool, such as mobile fruit stalls, mobile florists and coffee shops.
MPDV (Image: Canoo)
The Canoo is priced lower (starting at $33,000) and has more loading space than current electric delivery cars of the same class. On top of that, Canoo claims that clients can achieve a return on capital of $50,000 to $80,000 over six to seven years. The new car will go on sale in 2022, and mass production and sales are planned for 2023. At the start of the market, Canoo's new model will be available in two sizes. Canoo said that more versions will be launched in the future, and large enterprises, or all companies willing to contribute, can choose to work with Canoo to develop customized vehicles to meet specific needs.
Two different versions of MPDV (Image: Canoo)
Earlier this year, Canoo unveiled its third model: the pod-style electric pickup truck, which wants to get a piece of the most popular car segment in the United States. This pickup is different from pickup trucks such as tesla Cyberruck, and the shape is as rounded as ever. Excellent practicality is the biggest advantage of this pickup, it has a luggage compartment that can be opened at the front of the car, and there are also 6 three-phase sockets above it. In addition, the cover of this luggage compartment can also be pulled to the left and right after opening, and a workbench can be formed when working outdoors. Canoo pickups are also highly scalable, such as adding covers to the cargo hopper, adding spare tires, etc., and can even be transformed into an outdoor motorhome.
Canoo electric pickup truck (Image: Canoo)
As can be seen from the above three models, Canoo takes the pragmatic route and pursues minimalism to maximize the space inside the car. Under this design concept, the car can no longer be used only as a means of travel, but also as a "mobile home" or "office" and "workbench".
Different models share a "skateboard" architecture, which can be subscribed to or bought
The above Canoo models are all based on the same platform, which is called the "skateboard chassis electric vehicle platform". The skateboard chassis is an integrated chassis architecture designed specifically for electric vehicles that integrates components such as brakes, suspension, electric drivetrains and batteries into the chassis in advance. Based on this, car companies can quickly create different models according to market demand, and they can also be openly licensed to third parties.
Canoo's skateboard platform has a number of technologies, including batteries, sensors, steering systems and drivetrains, Canoo claimed at the time that this chassis is the first true steering chassis by wire on the market, is the industry's flattest, lowest-key chassis, so it can not only leave maximum space in the car, but also make the vehicle highly modular, improve the development speed of new cars and reduce development costs.
Canoo skateboard chassis (Image: Canoo)
Usually, it takes 3 to 5 years for traditional car companies to develop a car, and Canoo is based on its skateboard chassis, it is reported that it can develop a car in 1.5 to 2 years; because all models are born on the same platform, all the costs of Canoo's development of four models are almost equivalent to the cost of developing 1.5 gasoline cars, and the advantages are self-evident. Based on this, Canoo has attracted Hyundai Tou to cooperate with it and won the favor of Apple. Backed by traditional car companies and tech giants, the electric vehicle startup is already quite attractive to investors.
But Canoo's charm doesn't stop there. Its difference is not only in the appearance and design of its products (breaking the original car's inherent engine compartment, passenger compartment, luggage compartment model), but also in the marketing model is also a subversion of the traditional automobile manufacturing industry. At the beginning, Canoo had claimed that "cars are not built for sale", because the company launched a subscription form that is rented and purchased, which is equivalent to selling subscriptions, which has won the company a lot of attention.
The subscription form adopted by Canoo is not a traditional car sharing, consumers apply for a subscription on Canoo's APP, they can pick up the car after the review is passed, and then they only need to pay monthly to use the car normally, and they can cancel the subscription at any time, without deposits and other complicated procedures. If the user wants to rent a car on the weekend and does not rent a car during the week, the time of the week can be shared with the car, which can reduce the monthly rental fee. The subscription model is intended to make users' car life easier and simpler in the form of light assets.
In addition, with the membership subscription model, the ownership of the vehicle is still vested in Canoo, in actual operation, Canoo not only increases the frequency of use of bicycles, and the use cycle is longer; in addition, compared with the traditional car to build a new car, Canoo refurbishes a car at a significantly lower cost.
It seems that this subscription model is very beneficial for both consumers and Canoo itself. However, in order to consider the return on investment, Canoo decided to stop relying on the subscription model and chose to compress the revenue ratio of subscriptions to 20%. Although this change caused an uproar among investors and analysts at the time, in the editor's opinion, Canoo's move must have been more carefully calculated to avoid putting eggs in the same basket, which is not unavoidable for the company itself, and it does not have much impact on consumers, after all, rich people do not want to save money through subscriptions, and people who cannot afford new cars can still enjoy car life through the subscription model.
Is it an innovation or a gimmick?
Whether it is a skateboard chassis, or the initial car manufacturing is not sold but only subscribed, it is a different route from other car companies. And Canoo's choice is to be a little more innovative or a little more gimmicky?
Regarding the skateboard chassis, its advantages are mainly three: 1. 2. Independent development of the upper and lower body can reduce costs and shorten the research and development cycle; 2. Can adapt to a variety of different models to meet the needs of diversified models; The highly integrated chassis leaves more space for the upper cabin. Regardless of its advantages, the skateboard chassis is still a niche option. However, Chen Wenyue, senior director of the intelligent chassis of Yo-Run Technology, revealed that it is expected that by 2024, some head players may include the skateboard chassis into the product line. Around 2025, the skateboard chassis or from the niche to the mainstream. If so, Canoo may also usher in its "golden age".
Regarding the membership subscription model, Canoo initially claimed that the cars it built would be used for subscriptions, but the ideal was very full, and the reality was very bone, and the company later overturned this statement itself, admitting that "it was young and crazy at that time" . It can only be said that Canoo's innovative heart at that time was true, but it may also be true to make gimmicks in exchange for traffic. Regardless, the company still retains a membership subscription business today.
In fact, in this regard, Canoo is not the first to eat crabs, and some traditional car companies have also tried to launch subscription services, such as Volvo Cars. However, the difference is that traditional car companies are usually hindered by dealers when pushing subscription services, and Canoo has no concerns in this regard. In addition, Canoo makes electric vehicles, and electric vehicles are somewhat more suitable for subscription than traditional cars, because electric vehicles are generally more expensive than fuel vehicles, and the threshold for membership subscriptions is relatively low.
A report by Accenture notes that "subscription and car-sharing models are on the rise because they not only reduce the cost of using vehicles, but also ensure the flexibility of consumer choice." It is estimated that by 2030, the cost of commuting with a shared car will be less than 20% of the cost of self-purchased cars. "This means that in the future, the ownership of vehicles will become less and less important, and people will be more concerned about the right to use vehicles."
As can be seen from the above, the opportunities facing Canoo are still great. In the future, if the skateboard chassis or car subscription model becomes mainstream, Canoo will be able to master it; if the mainstream trend remains unchanged, these two parts will still be the characteristics of Canoo. But opportunities often come with challenges, can Canoo's "innovation" bear fruit? In 2022, Canoo's first electric car is about to be launched, whether to win or lose, it will be known at that time.