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Bloomberg
Hyundai Motor Group has struck a deal to develop electric vehicles (EV) with Los Angeles-based startup Canoo. Under the terms of the agreement, Hyundai and its Kia affiliate will gain access to Canoo’s engineers and technology as the two South Korean automakers look to expand their production of EVs.
Hyundai and Kia both recently announced plans to
invest heavily in electric technology over the next six years, including a $110 million joint investment in UK startup Arrival, which also counts United Parcel Service Inc as an investor, to build electric commercial fleets.
Canoo, founded in 2017 by a pair of former BMW executives, plans to sell electric vehicles by subscription starting in 2021 in Los Angeles and San Francisco.
In September it unveiled its first model, a seven-seat van that co-founder Ulrich Kranz calls “a loft on wheels.†Canoo uses a modular “skateboard†architecture: The powertrain, batteries and suspension are contained within a slim platform that can support different cabins and exteriors, or “top hats†in the industry parlance.