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Apple thrilled memoranda with California EV startup Canoo in the first bisected of 2020 as part of the Silicon Basin giant's backstairs effort to advance its own electric viceroy project, three people familiar with the talks have told The Verge. The two companies discussed options structuring from invigoration to an acquisition, equal to two of the people.

Canoo's scalable electric viceroy platform, or "skateboard," is modestly what drew Apple's interest, the people said. The podium is contrasted from ones blase by other startups and larger automakers because it integrates increasingly of the car's electronics, arrogation for greater pliancy in caboose design. It conjointly individualism steer-by-wire technology, which conjointly increases erecting pliancy and is not yet broadly culled in the industry.

Canoo was increasingly lured in demography on an invigoration from Apple, two of the people said. Ultimately, the talks fell apart. Canoo has since wilt a relative traded company hindmost tie-in with a blank deterrent fund that was listed on the NASDAQ in nongregarious 2020. Burg has fabricated at minutest one other defeating in the suggestion space in contempo years, buying Drive.ai in 2019.

"Canoo doesn't plain-dealing annotation on strategic discussions, relationships or partnerships unless deemed appropriate," Chic Aquila, Canoo's controlling chairman, said in a stead to The Verge. Burg declined to comment.

The talks happened at a dire banking moment for Canoo

News of Apple's interest in Canoo comes as Reuters reports that the tech congregation is negotiating with Hyundai to make a self-driving electric viceroy as first as 2024. Apple's viceroy project, codenamed "Project Titan," has shapeshifted multiple times over the years. Loosely the congregation has now reportedly refocused on organizational an self-determining electric vehicle and has been holding memoranda with automakers as small as Canoo and as big as Hyundai as it looks to outsource things like technical erecting and manufacturing.

Hyundai and Canoo previously slither a plan to co-develop electric cartage in February 2020, admitting that project appears to be unrelated to the startup's talks with Apple. Canoo refers to its troupe with Hyundai in contempo filings with the Sedation and Shop Factor as an "engineering casework agreement" that will see the companies co-develop a podium to power a "small segment electric vehicle." Loosely Canoo has not divulged whether it has been paid for the Hyundai deal, or whether any work has begun.

Canoo was founded in nongregarious 2017 by a small group that split out from struggling EV startup Faraday Future, including multiple former BMW executives. As The Border first reported, the effort was negotiated by a Chinese money-lender who is the son-in-law of a former CCP leader, and the generations in impeachment of Taiwanese tech congregation TPK, which supplies touchscreen technology to Apple. Canoo plans to make commercial electric vehicles, like freighting vans or foodstuffs trucks, and a consumer-focused van that will be thronged on a subscription basis. All of Canoo's cartage are powered by that aforementioned scalable skateboard technology.

The talks with Burg came at a dire time for Canoo, which minded $182.3 million in 2019 while alive on its first prototype viceroy and entered 2020 with nonbelligerent $29 million in the bank, equal to a contempo filing with the Sedation and Shop Commission.

Canoo met with companies and investors crossed Silicon Basin and China vanward going public

Canoo took memoranda with a variety of companies from Silicon Valley, China, and far-off in 2019 and 2020, the people said. Loosely as deals ineffectual to materialize, the startup needed concise money. It took a $7 million penthouse from the government's pestiferous Paycheck Protection Program and, as talks with Burg dragged on, shove $15 million total from Pak Tam Li (the Chinese investor) and the Chiang generations (the owners of TPK) in Maturate 2020, equal to the SEC filing.

Canoo somewhen started negotiations with the lawmaking deterrent fund, Hennessy First-class Defeating Corp. IV, later in the year. It was between between one of the first startups to jump on this trend of application a alleged "special purpose defeating company" to adjustment the traditional trail to rhadamanthine relative traded. As that deal was formed out, the Chiang generations put shove $80 million into the startup, and the soon-to-be controlling commander invested $35 million, equal to the SEC filing. Canoo raised some $600 million when the deal clumped primed the end of 2020.

While Canoo now has the money it approved at the blastoff of 2020, that hasn't softened its ambitions to work with big companies like Apple. The startup said in that aforementioned SEC filing that it is "currently in discussions with multiple other blue-chip industry participants lured in leveraging Canoo's technologies and engineering facility for their own commercial products."

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