The company behind the world's first subscription-based EV plans to go public soon — take a look inside its 'loft on wheels'

Los Angeles-based Canoo unveiled its flagship subscriptions-only electric vehicle with a loft-like interior design in 2019, and the company will soon be going public to fund this project

The Los Angeles-based startup deviated from the traditional car interior with rows of seats to instead create a seven-seater that looks more like a living room than an SUV. Canoo will now be going public after a merger with special-purpose acquisition company Hennessy Capital Acquisition Corp. IV at a valuation of $2.4 billion.

More specifically, the company describes the vehicle as a "loft on wheels" with seating options shaped like a sofa and visual details that make the interior feel more home-like, such as a pegboard for accessories. And instead of the traditional dashboard and infotainment center, the vehicle's non-driving features, such as navigation, music, and heating, can be controlled by the user's smartphone.

Beyond this innovation in interior design, the new automaker is also using the increasingly popular subscription-based model for its business: members contribute a single payment to use the service, which also includes registration, maintenance, insurance, and charging. 

"We believe that the potential of [electric vehicle] architecture can enable a post-SUV era that addresses the ever-growing desire for space and value," Ulrich Kranz, Canoo's chief executive, said in a statement. "We promised a truly different approach for EVs, and our Canoo proves that we can deliver on that vision."

Take a look at the car, which is set to launch by 2022:

Canoo will now be going public after a merger with Hennessy Capital Acquisition Corp. IV valuing it at $2.4 billion.

Source: Canoo

The startup is the world's first subscription-only electric vehicle, the company says.

The Los Angeles-based company designed the Canoo with multiple "configurations" in mind, whether it be for business-to-consumer or business-to-business use.

"Our technology allows for rapid and cost-effective vehicle development through the world's flattest skateboard architecture, and we believe our subscription model will transform the consumer ownership experience," Kranz said in a statement.

Source: Canoo

Canoo aims to “free its customers from the burden of ownership” by making the subscription a one-month payment that has no set end date, according to the company.

Subscription prices include registration, maintenance, insurance, and charging.

“We implemented the Bauhaus philosophy, which is centered around minimalism and functionality, and started with the reduction to the absolute minimal need,” Canoo’s head of design Richard Kim said in a statement.

The company describes the car as an “urban loft on wheels” with seats that look more like furniture, like a sofa, than traditional car seats.

There are a total of 22 windows on the vehicle, including roof and safari windows.

Source: Canoo

The vehicle is "perfect" for city dwellers, according to the company ...

... and can seat up to seven people.

It also has a pegboard for accessories, a concrete floor, wood textile seatbacks, and felt details.

Source: Canoo

Canoo created a “skateboard” architecture for the car that holds the batteries and electric drivetrain under the car’s cabin, which the company claims allows for more efficient production, costs, and interior space.

There are seven cameras, five radars, and 12 ultrasonic sensors that allow the car to use “deep learning algorithms” and sensor data to improve safety and help with actions such as parking.

Source: Canoo

The vehicle runs with one permanent magnet synchronous electric motor ...

... which helps provide the vehicle with 300 horsepower.

The vehicle has a top speed of 125 mph ...

... and can reach 60 miles-per-hour in 6.3 seconds.

All of this is powered by Canoo's 80 kWh battery which gives the electric vehicle a 250-mile range.

This battery can be charged up to 80% in 28 minutes using a DC fast charger.

The car doesn’t have any hardware connection between the steering wheel and the road wheels.

Instead, the Canoo steers by electric signals, allowing for the future potential of autonomous driving.

Non-driving amenities, such as navigation, music, and heating, are controlled through the user's smartphone.

“In my 30 years experience, I have never seen so many quality achievements in such a short time," Kranz said.

Canoo plans on launching its flagship car by 2022 and has plans to create last-mile delivery and sports vehicles in the future.

Source: Canoo