Tuesday, February 11, 2020

Canoo Inks Deal With Hyundai For Joint EV

Los Angeles-based electric vehicle developer Canoo scored a major win on Tuesday, when Hyundai Motor Group said it will co-develop a new, electric vehicle based on Canoo's platform. Financial terms of the deal were not announced, however, the two said that Hyundai and its affiliate, Kia, will use Canoo's platform for both cars and commercial fleets. Canoo has said it plans to start selling its electric vehicles in 2021, via a subscription-only model. Canoo was founded in 2017, and is led by CEO Ulrich Kranz.

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