Canoo announced a definitive agreement merger with SPAC Hennessy Capital Corp (HCAC Stock), which would act as a Canoo stock IPO as they raise money in the public market. Canoo stock would trade under the NASDAQ. Canoo is an ev company specializing on a vehicle named "Lifestyle Vehicle" that has extensive cargo space in the cab of the vehicle due to the unique skateboard design of Canoo.

Canoo has a collaboration deal with both Hyundai and Kia involving their skateboard design. The Canoo skateboard will also generating revenue as an engineering service.

They have completed over 50 crash tests, took only 19 months to beta testing, and over 19 prototypes. The company was only founded in 2017 and was named "Evelozcity" before changing their name to "Canoo" in 2019.

Canoo stock also has projections for additional future products such as the B2B last mile delivery vehicle, and sport vehicle as well. They have plans to launch these products in 2023, and 2025 respectively. The target launch for their current model the Lifestyle vehicle is Q2, 2022.

Canoo is finanlly treating their business as a leasing/subscription service. The vehicles will not be for sale and the only option is leasing them. However with a very short term commitment of 1 month and a simple system this could be beneficial to both Canoo and the consumers. Canoo stock projects they will have 4x better margins from leasing their vehicles rather than selling them as they will generate recurring revenue. Canoo also says all there is no down payment, insurance and maintenance are included, along with public charging. This seems is a unique strategy for a company targeting the masses.

Canoo is a very iinteresting company, with a very unique product design, which seperates them from most of their competitors. Not to mention how far along they are in the testing process in such a short amount of time. HCAC stock hasn't moved much and it's going to be interesting to see if a wave of investors will pick up and begin buying HCAC stock or if everyone is just getting bored of ev stocks because there have been so many recently. Nevertheless Canoo is a very innovative company and it will be interesting to see where this company would be in the next few years after the anticipated release of their products, given how competitive the EV market seems to becoming.

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Disclaimer: This video is an expression of my opinions. I'm not a financial advisor and the content in this video is meant for educational purposes. Always do your due diligence when considering investment options. hennessy stock