Hyundai has partnered with Los Angeles-based startup Canoo to develop an electric vehicle platform. With this deal, Hyundai has invested $87 billion on electrification and mobility technologies for the future. Canoo is aiming to offer engineering services for “eco-friendly vehicles” which includes 25% of its total business by the end of 2025.
Canoo is a platform, which provides engineering services to advance the electric vehicle platform. Founded by Faraday Future executives Stefan Krause and Ulrich Kranz in 2017, Canoo was renamed in 2019, and they introduced its first vehicle in the same year September. However, the first vehicle will hit the roads in 2021, with an option of pre-booking.
Canoo’s first vehicle is very similar to a minibus and it is designed as a “skateboard”. A design structure that has batteries and drivetrain, which is under the vehicle cabin. The architecture is a reason where Hyundai Motor Group is showing interest.
Hyundai is confident about this architecture, which will help it reduce production and cost complications. Moreover, it’s so agile that it can respond instantly to the ever-changing market requirements and customer demands.
The collaboration with Canoo will help Hyundai and Kia electric vehicles, as well as so-called purpose, built vehicles. With this, Hyundai will increase its level of effort and investment towards electrification, artificial technology, and mobile transformation in the future, including flying cars. Recently, Hyundai is planning to invest $110 million in U.K. startup Arrival to make more electric commercial vehicles.
Albert Biermann, head of R&D at Hyundai Motor Group, said, the high speed and efficiency of Canoo in developing EV architecture are impressive, and by partnering with Canoo, it will help Hyundai to become one of the primary mobility industries in future. Collaborating with Canoo engineers will design the Hyundai platform concepts, which is artificial intelligence for making independent decisions and which will be accepted by more people.
Your rate 3 stars is recorded
StartupWorld is the destination to learn about new and upcoming startups making waves on the web. Being an entrepreneur is as much hard work as it is fun. No one knows it better than you do. Share your story, send it in and let us showcase it to the world.