The shares of the EV start-up Canoo improve by as much as 14% in new electrical pickups

The EV start-up Canoo presented its electric pickup on March 11, 2021.

Canoo

Electric vehicle startup Canoo’s shares rose as much as 14% during intraday trading Thursday after the automaker drew up plans for a new, bubbly-looking pickup truck.

The unnamed vehicle features a rounded front end with a snub nose and similar lighting and design elements to an electric vehicle that the company announced last year. Canoo said it designed the pickup truck to be “the most cabin-rich and space-efficient on the market, with massive loading capacity in a small space.” Auto website Jalopnik compared the design to a retro Volkswagen or pickup from the 1950s.

Canoo, which was formed in December through a reverse merger with Hennessy Capital Acquisition Corp. went public is the latest company to announce plans for an all-electric pickup truck.

General Motors, Tesla, Rivian and Lordstown Motors are expected to start producing electric pickups later this year, followed by Ford Motor in 2022. Canoo plans to launch its pickup as early as 2023.

Canoo plans to launch its electric pickup truck as early as 2023, but production details have not been disclosed.

Canoo

Some of the products have been delayed due to the effects of the coronavirus pandemic and other circumstances. Elon Musk, CEO of Tesla, said in the company’s latest earnings statement, “So we’ve completed almost all of the cybertruck technology.” He added, “If we’re lucky, we can make some deliveries towards the end of this year, but I expect volume production will begin in 2022.”

Despite the amount of expected entries, EV pickups are a completely unproven vehicle segment. But older automakers like GM and Ford, which rely heavily on pickups for profit, are trying to defend their leading market shares against newer all-electric companies.

The EV start-up Canoo presented its electric pickup on March 11, 2021.

Canoo

While Canoo’s pickup stands out from the crowd with its bubble-like design, its advertised range of 200 miles is less than other competitors’. GM’s Hummer EV pickup truck will reach more than 350 miles, while Tesla has announced that its cybertruck will range from 250 miles to more than 500 miles.

Canoo’s first vehicles are expected to be fully electric consumer and delivery vans from 2022. The company has not announced any specific production plans, but has a strategic relationship with auto supplier and contract manufacturer Magna International.

– CNBC’s Lora Kolodny contributed to this report.

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