The reply might be by no means. Not until they work for the federal authorities.
The struggling EV startup has been on the verge of operating out of cash since final 12 months. Its money burn stays excessive, and analysts say it’s in danger for insolvency. Certainly, Canoo’s inventory has been buying and selling for lower than a greenback, placing it susceptible to being delisted from the inventory trade. However regardless of its monetary woes, the federal authorities is more than pleased to proceed to do enterprise with the corporate.
Immediately, Canoo introduced it had efficiently delivered three crew transportation automobiles to NASA to be used within the company’s Artemis mission to the Moon. The automobiles have been delivered to NASA’s Kennedy Area Heart in Florida, the place they are going to be used to move the astronauts to the launch pad for the Artemis lunar missions beginning subsequent 12 months.
Immediately, Canoo introduced it had efficiently delivered three crew transportation automobiles to NASA to be used within the company’s Artemis mission to the Moon
Canoo has additionally provided EVs to the US Military for “evaluation and demonstration.” Mainly, the Military is testing the corporate’s Mild Tactical Car (LTV) to see whether or not it needs to order extra of them for navy functions. The LTV is constructed on the identical platform as Canoo’s Duplo toy-looking EV prototype truck that was first revealed in 2021.
It’s fairly the pivot for the six-year-old firm, which initially launched in an almost zero-interest charge surroundings together with over a dozen different EV startups that every one had desires of changing into the following Tesla. Canoo deliberate to fabricate electrical vans and vans for patrons focused on outside adventures — principally the identical pitch as Rivian, which has additionally struggled however is now seeing its deliveries improve.
The automaker has a number of EVs within the works, together with the MPDV, a multi-purpose supply van, and the Canoo Pickup Truck. The toyish truck confirmed simply how far Canoo is prepared to push the design of the microbus-style car it first debuted again in 2019, which it initially deliberate to promote on a subscription-only foundation.
It’s unclear whether or not NASA or the Protection Division is worried about Canoo’s gloomy monetary outlook or how a potential Chapter 11 submitting may have an effect on its ongoing initiatives for the federal government. Neither company responded to requests for remark.
If Canoo’s monetary outlook continues to worsen, its desires of changing into the following Tesla could by no means be realized. But when NASA, the US Military, and different companies see worth in Canoo’s EVs, the corporate may very well turn into extra like Elon Musk’s different firm, with its bevy of profitable authorities contracts: SpaceX.
