German-American electric vehicle startup company Canoo unveiled its latest product Friday, ahead of its initial public offering on the NASDAQ next week.
The company showcased its futuristic-looking electric delivery van called the MPDV - a name that stands for "multipurpose delivery vehicle."
The company - formerly known as Evelozcity - said that the van was specifically engineered to meet the needs of last-mile deliveries. The particular vehicle model is intended to be sold to fleet operators and commercial clients with a starting price of around $33,000.
"There are many use cases that this vehicle can do. We wanted it to look very smart, very modern but at the same time be very affordable," Canoo's chairperson, Tony Aquila, said during the video unveiling of the vehicle.
Canoo said that production of the MPDV is set to begin in 2022 with the company going into full production in 2023. Canoo did not elaborate further on its production plan but it did say that it has formed a strategic partnership with contract manufacturer Magna International.
The delivery vehicle segment is expected to be a key sales driver in the rapidly growing EV industry. Major automotive manufacturers have announced plans of entering into the segment in recent months. Ford Motor previously said that it plans to release its own electric delivery van by 2021.
The Canoo MPDV will be available in two different sizes with varying battery capacities and ranges. Canoo said that the smaller model - called the MPDV1 - will have a range of between 130 miles and 230 miles. The larger model - called the MPDV2 - will have a slightly lower range of between 90 miles and 190 miles.
The MPDV is Canoo's second planned vehicle. The first model, which has yet to be unveiled, is a sedan meant for consumers.
During the video unveiling, Canoo officially opened online reservations for the vehicles. Interested customers will have to put a $100 refundable deposit to reserve their units.
Canoo is expected to list on the Nasdaq on Tuesday next week. Canoo is seeking to raise up to $600 million through the initial public offering.
