Hyundai Heavily Investing in EV's
Expands EV Portfolio with LA Startup Canoo
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Source: Canoo
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Hyundai Developing New Platform for EV Cars, Trucks, SUV's
South Korean automotive giant Hyundai is broadening and deepening its future transportation and electric vehicle lineup through a new partnership with Los Angeles EV startup Canoo. The two are partnering to develop a distinctive, new skateboard platform that Hyundai can use to produce a wide range of inexpensive electric cars and e-vehicles.
Skateboard Platforms
Skateboard platforms are the rage for EV manufacturers with major players like Detroit-based Rivian and Israeli startup REE getting significant outside investments to develop their own skateboard platforms. What stands out about Hyundai is that its investment commitment into future mobility technologies for EV's in particular is now hitting an unprecedented amount of $87 billion over the next few years. Their partnership with Canoo is their latest partnership commitment to the future of EV mobility going forward.
What is Canoo?
Canoo is a California based EV startup with a unique business model. It is launching to consumers pod-like electric vans as a subscription service. Hyundai is doing an engineering partnership with Canoo and will pay them for their engineering services. The goal is to create a new Canoo platform that can integrate the battery, motors and other key components for Hyundai electric vehicles. The platform for Hyundai must be low-cost, common and autonomous to produce all types of electric vehicles. Hyundai wants production to be easy on all types of EV's .
Purpose: Easy, Cheap, EV Production Platform for Multiple Vehicles
So, the platform Hyundai wants to develop with Canoo must eliminate the need for multiple platforms to produce e-sedans, e-SUVs, e-truck, etc. The goal is to accelerate the production of low cost, well performing electric cars for the masses, that also can be flexible to changes in global market demands. Sounds like a great move forward to a world of zero-emissions electric vehicles.
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