Production of the FF91 was originally planned for 2018. Cost-cutting delayed the introduction of the final production version many times, which, in turn, pushed back the job one date by years. After years of promises, the production version of the FF91 was demonstrated in early 2022. With a production capacity of 10,000 units per year, output was announced to start before the end of March 2023 with first deliveries in April.
Canoo
Following Canoo over the past two years could be described as a roller coaster ride, but it’s more like a sled ride with only modest upticks along the way as its stock price careened from US$17 in early 2021 to about US$1 in February 2023. Today, the company’s market cap is under US$400 million. Originally founded as Evelozcity in 2017, the company changed its name to Canoo in 2019 and merged with an SPAC in late 2020. Trading on the NASDAQ under the symbol GOEV, Canoo was valued at US$2.4 billion.
With its uniquely styled products, Canoo targeted commercial and ride-sharing applications. Its van, eventually named the Lifestyle Vehicle, is 4.4 meters long with a windshield stretching almost to the leading edge of the vehicle to maximize interior space. An entry-level two-seat cargo version (Lifestyle Delivery Vehicle, or LDV) is offered for about US$35,000 (£28,800) while versions with more seats push the price to US$50,000 (£41,100).
Based on a very flexible design, a pickup version has also been shown as a later addition to the lineup. A number of personnel changes, failed partnerships and questions about financing have plagued the company from the beginning.
Former Opel executive Karl-Thomas Neumann, hired to help lead the company, exited Canoo in 2019 and co-founder Stefan Krause left in 2020. Hyundai announced in 2020 that it would work with Canoo as part of its electrification plan but this cooperative effort was abandoned in early 2021. Also in 2021, the US Securities and Exchange Commission started an investigation into the SPAC merger and questions from investors about sudden changes in the company’s direction.
New leadership moved the company to Arkansas and promised a new production facility in the region. Facilities in Bentonville, Arkansas; Pryor, Oklahoma; and Oklahoma City, Oklahoma have been announced, as late as November 2022, with production planned to begin in 2023. To spur faith in the startup, Canoo signed agreements with fleet leasing companies promising orders for thousands of LDVs.