Canoo Inc (GOEV)

[GoldRu$$H]

Not really.

In post 950; Alvie posted "It's not like producing cars to be bought by individual consumers who might be fickle depending on many factors. Their market is the commercial buyers many of whom offer short haul delivery services - a less challenging market than the consumer one."

Lordstown Motors was focused on producing electric pickup trucks for individual consumers. Sure, if successful it's reasonable to think that some of those Lordstown pickup trucks could have been sold as commercial vehicles, used by construction contractors or auto part delivery service, or similar light commercial hauling, however most U.S. pickup trucks are purchased by middle income consumers, that are city dwellers, driven as a family vehicle. As mentioned earlier, Alvie had correctly identified the GOEV market as that of commercial short run delivery services, which is actually a smart approach by Canoo, targeting a segment of the small commercial truck market. By identifying the niche market, you serve a smaller segment making production costs lower. Lordstown may have failed by taking such a broad and full frontal attack of a market that has strong brand loyalty as well as buyers skeptical of electric vehicle reliability, hauling capacity and price point.

Sometimes slow and steady wins the race. All in my humble opinion of course.

https://read.gov/aesop/025.html

https://hedgescompany.com/blog/2018/10/pickup-truck-owner-demographics/


https://en.wikipedia.org/wiki/Lordstown_Motors

Vehicles

Prototype Lordstown Endurance electric pickup truck
The Lordstown Endurance is an in-production all-wheel-drive (AWD), electric pickup truck. Its design includes independent wheel hub motors on all four wheels. The AWD hub motor system aims to reduce the number of moving parts by eschewing wheel axles and transmissions.[36] In 2019, the truck was expected to be released in the US market by late 2020, at a price of US$52,500.[37] In November 2020, the release date was delayed, pushing the first deliveries back to September 2021, with production ramping up through 2022.[38]

By October 2021, the announced production date for the Endurance had been delayed until no earlier than April 2022, following the September news that the Lordstown auto plant would be sold to Foxconn and that Foxconn would become the contract manufacturer of the Endurance.[39]

In October 2021, Foxconn unveiled three new prototype vehicles: the Model C SUV scheduled to go on sale in 2023 in Taiwan, an electric bus that was planned to be tested in select cities in 2022, and a new electric sedan.[40]

On August 4, 2022, the company admitted to further production delays for the Endurance, citing they would need to raise "substantially more capital" to produce the initial goal of 500 vehicles.[41]

Lordstown Motors launched production of its Endurance pickup truck in the third quarter of 2022. In February 2023, the company issued a recall and halted production of the vehicle to address an electrical-connection issue that could lead to a loss of propulsion while driving.[42]

In June 2023, Lordstown Motors would end the production of the Endurance and sold the project in September 2023, following their dispute with partner Foxconn and filing for Chapter 11 Bankruptcy.[43]