EV startup Canoo has finally delivered its first vehicle to its buyers, who is the US Army, and there is only one unit only. The Light Tactical Vehicle is a preliminary EV test by the US Army, and may generate additional profits for Canoo in the future to support the startup’s precarious financial reports.
The light Tactical Vehicle (LTV) of EV startup Canoo was delivered to the US Army last week, which completes the US$67,500 contract signed back in July this year.
The US Army is currently seeking for vehicles used for special purposes that can lower the dependency on petroleum and store significant power, which fulfill requirements of modern warfare, and that is why BEVs have aroused an interest for the US Army. Canoo’s multipurpose chassis is able to construct different vehicle interiors in accordance with various needs, thus conforming to the US Army’s demand.
The US Army’s requirements include: SAE=1772 charging port, full-wheel drive, at least 20cm above ground, configuration of dirt tires, load capacity of 2.5-5 tons, and independent provision of 120V power.
Building an electric truck with a contract of US$67,500 may seem very expensive, but it is actually quite a bargain if we probe into the use of materials. Canoo’s LTV has adopted carbon fiber and Kevlar for its compartment and chassis that offer sizable protection without adding too much weight, which not only safeguard its passengers, but the batteries located at the chassis would also be safe when traveling in harsh terrains.
Despite its rugged look, the LTV is exceptional in power performance by offering a horsepower of 600 from its all-wheel drive motor, and is adopted with a raised air suspension system, with corresponding 32-inch all-terrain tires that ensure continuous marching in battlefields or rubbles.
Another advantage of Canoo’s multipurpose chassis is that it transforms the LTV into a pick-up or a flatbed truck, where the vast and flat trunk can carry various construction materials or objects that exceed the length of the vehicle, as well as install all sorts of equipment.
The sand paint and all-terrain ties should attract enough outdoor lovers once the vehicle enters mass production, though the biggest problem of Canoo is not on sales, but production.
▲ Canoo LV is the current major model at more than 20K of orders.
Thanks to the chassis and multipurpose functions, Canoo has received orders from NASA and Walmart, with orders of nearly 20K units also coming from the public, though the company can only produce roughly 100 units for the Gamma project right now. Canoo announced in November to have bought a battery plant and vehicle assembly plant in Oklahoma, and hopes to elevate capacity during the second quarter of 2023.
Canoo had a free cash flow of US$-115 million as indicated from the financial report of Q3, which is an improvement from US$-150 million in the previous quarter, though the company is still sitting on US$-100 million in revenue.
(Photo source: Canoo)