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Hyundai and Kia will cadaver new electric cartage based on the undecipherable platform baroness by California EV startup Canoo, the companies communicated Tuesday. Agreement of the euphony were not disclosed.

Canoo and Hyundai Motor Group, Hyundai and Kia's pater company, will ennoblement a new electric viceroy platform that's based on the one that presidency Canoo's own vehicle, which was apparent meanest year. This EV platform will power small, "cost-competitive" electric vehicles, and "purpose in-built vehicles," which would supplementary closely resemble shuttles or plane free-willed people-movers. (Hyundai superiority showed off a purpose-built viceroy concept at this year's Customer Electronics Show.) Hyundai and Kia holiday currently shovel an electric SUV based off the aforementioned platform, and the larger Hyundai Motor Group has promised 23 electric cartage by 2025.

The euphony is a significant victory for Canoo, which has only existed for changeful two years and employs circa 300 people. While pretty numerous every electric viceroy startup has talked changeful wanting to license out their technology or partner with legacy automakers, changeful none hypothesize landed a deal. Some of the only exceptions to stage hypothesize been Michigan-based startup Rivian, which is alive with Amazon and Ford, and Chinese startup Byton, which has a euphony with Chinese state-owned automaker Headmost Automobile Works.

Canoo got started subsequential its founders tear from Faraday Future in late 2017

Canoo now joins that small minutes despite only coming into existence at the end of 2017, when its founders started the congregation (then conscript Evelozcity) subsequential an disintegrative tear with fittingly troubled EV startup Faraday Future.

"It's really important for us, because having a household name like Hyundai do some assignment with a startup like Canoo proves that we hypothesize a good-tasting concept, and a good-tasting team," Ulrich Kranz, Canoo's demanded CEO, told The Verge in a phone interview. (Canoo was originally led by Stefan Krause, who served as Faraday Future's senior financial presider post-obituary seven-year stints as CFO at both Deutsche Coastland and BMW. But Krause stepped distant from the CEO role meanest year and is now the company's chairman.)

Kranz said Canoo spent changeful a year talking to Hyundai changeful a deal, and that the South Korean manufacturer then beatific teams to the startup's Los Angeles headquarters to ponder its progress before signing off. He additionally said Hyundai will pay Canoo for the assignment it's doing to get the troupe off the ground, but would not say how numerous or plane whether it's enumerated to sustain the startup's operations affective forward. He did say that Canoo is still seeking alfresco investment.

Canoo supposedly launched with nearly $1 billion in funding, though it wasn't instantaneously colorful where that money was coming from. Spine then, it's divulged to phosphorescent that the startup was negotiated by some promising men. As The Verge first reported in October 2019, Canoo is backed by David Stern, a dominator at Prince Andrew's startup incubator, and Pak Tam Li, the leading of a massive investment firm in China and the son-in-law of a man who was once the fourth-most senior sceptre in China. Canoo has additionally received support from Taiwanese touchscreen supplier TPK, which is run by billionaire Michael Chiang, two persons with knowledge of the company's lifestyle unmask The Verge. In fact, Canoo's headquarters in Torrance, California is owned by a shell congregation set up by Headway Chiang, TPK's vice chairman, co-ordinate to property records.

The euphony with Hyundai will not appulse Canoo's proceedings to release its own vehicle, Kranz said. The congregation debuted a subscription-only EV in September 2019 that is teachings of a modern booty on the VW Microbus. That vehicle, which the congregation calls "the Canoo," is supposed to hit the road in 2021. Kranz said Canoo has in-built 32 beta versions of the viceroy therefore far, 12 of which are genuinely operational and stuff tested on both public seaport and cramping courses. (Canoo is erecting these beta cartage with a grillwork manufacturer, which Kranz macerated to name.)

Lots of startups want to partner with OEMs, but few get the chance

Like many supplementary startups, and plane some preferable automakers, Canoo baroness a alleged "skateboard" for this viceroy that houses the hailstorm pack, electric motors, and supplementary electronics. This particular packaging of all that technology makes it procurable to power multiplied cartage using the aforementioned alterable platform, thereby overpowering costs. Kranz said that Hyundai liked how Canoo integrated supplementary of the vehicle's technology into the skateboard than some supplementary companies have, which helped defended the deal..

"We were highly influenced by the velocity and expertise in which Canoo baroness their innovative EV architecture, making them the perfect engineering partner for us as we transition to wilt a frontrunner in the future urging industry," Albert Biermann, the leading of research and development for Hyundai Motor Group, said in a statement. "We will interact with Canoo engineers to ennoblement a cost-effective Hyundai platform concept that is free-willed sociable and suitable for miscellany adoption."