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Apple Discussed Acquiring or Investing in Electric Startup Canoo in 2020

apple-discussed-acquiring-or-investing-in-electric-startup-canoo-in-2020

Posted by Rajesh Pandey on Jan 13, 2021 in Apple Car, News

Apple held meetings with Canoo, a California-based EV startup, in the first half of 2020. The discussion between both companies ranged from Apple investing in the startup to acquiring it outright. The startup was founded in late 2017 by a small group of executives that were originally a part of Faraday Future, another startup that was making an EV.

The Verge report states that Canoo’s “skateboard” scalable electric vehicle platform enticed Apple to the startup. Seemingly, Canoo’s approach is different from other automakers and startups because it integrates most of the electronics which allows for greater flexibility in the cabin design. Another highlight of Canoo’s design is the use of steer-by-wire technology which allows for greater design flexibility.

The California-startup was interested in taking an investment from Apple but the talks between them ultimately fell apart. Canoo ultimately merged with Hennessy Capital Acquisition Corp IV and has become a publicly-traded company since then and raised $300 million. The startup aims to make commercial electric vehicles like food trucks and delivery vans using its “skateboard” technology. It also plans on offering an electric van to consumers on a subscription basis.

In recent times, a lot has leaked about Apple’s efforts on building its own self-driving electric vehicle. The company is possibly looking to partner with a large automaker to create the vehicle provided they both have the same goal of delivering quality products to consumers. Apple is reportedly in talks with Hyundai, Mercedes-Benz, and other vehicle makers with an aim to start production in 2024. Another report from Bloomberg had claimed that Apple’s self-driving electric vehicle is still in the early stages of development and at least half a decade from launch.

[Via The Verge]

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