Hyundai has built amazing cars throughout the years, like the Hyundai Sonata and Venue. Now, the company has announced that it will collaborate with the Los-Angeles startup, Canoo, to develop electric vehicles. Hyundai plans to invest a huge amount in future technologies.
According to the agreement, the primary basis of the electric vehicle platform will be Canoo’s proprietary skateboard design. Moreover, Kia and Hyundai will use this platform for their electric vehicles. Hyundai showcased the PBV last month at CES 2020. It is a pod-like vehicle that can perform various functions, like a clinic or restaurant. This concept is just like Toyota’s e-Palette vehicle.
The Canoo partnership is an example of Hyundai’s investments into electrification. At the start of this month, Hyundai announced that it would invest $110 million in the vehicle startup, Arrival.
Hyundai Motors also has plans to invest $87 billion in the coming five years. Moreover, the company has plans to invest $52 billion in future technologies. Furthermore, Kia will invest $25 billion in future technologies. According to the company, it wants to make eco-friendly vehicles 25% of its sales.
Canoo said that it would give the engineering services for its electric platform. Canoo originally started as Evelozcity back in 2017 and was founded by former Faraday Future executives Ulrich Kranz and Stefan Krause. Moreover, the company rebranded as Canoo back in Spring 2019. It introduced its first vehicle last September. The first Canoo vehicles are going to be on the road by 2021 and will be offered as a subscription. Recently, the company opened a waitlist for its first vehicle.
The main part of Canoo’s first vehicle is “skateboard” architecture, which has an electric drivetrain and batteries under the vehicle’s cabin. Moreover, Hyundai Motor Group’s primary interest is in Canoo architecture.
Hyundai Motors is using this architecture to reduce the overall cost and complexity of production. Moreover, it will respond to customer preference and the changing market.
Albert Biermann, the head of research and development at Hyundai Motors, said, “We were impressed by the efficiency through which Canoo developed its electric vehicles. Due to this, they have become our amazing partners. We will work alongside Canoo to develop a platform that will produce electric vehicles in huge quantities.”
