Apple was interested in acquiring Canoo, an electric car startup

On January 13th, according to foreign media reports, Hyundai does not seem to be Apple’s first choice. According to people familiar with the matter, the company is also trying to set its sights on Canoo. Apple has cooperated with the California electric car startup Canoo in the first half of 2020. Secret contact was made.

Canoo’s scalable electric vehicle platform has largely attracted Apple’s interest. This platform is different from those developed by other start-up companies and larger automakers because it integrates more automotive electronics, allowing greater flexibility in cockpit design. It also has steer-by-wire technology, which also increases design flexibility, but it has not been widely adopted in the industry.

According to reports, Apple approached Canoo in early 2020 and proposed the idea of ​​acquiring a modular electric car startup company, but Canoo is not interested in being acquired. Willing to cooperate with Apple and some investment, but Apple did not take action, leading to the breakdown of negotiations.

Apple is currently negotiating with South Korea’s Hyundai Motor Group (Hyundai) and will manufacture its first self-driving electric car as early as 2024. Apple’s car project is code-named “Project Titan,” and it has changed the plan many times over the years. At the same time, Canoo introduced its configurable MPDV (Multi-Purpose Vehicle).

Canoo was founded at the end of 2017 by a small group that was spun off from the troubled electric car startup Faraday Future and included several former BMW executives. Canoo plans to produce commercial electric vehicles such as delivery vans or food trucks, all of which use the same retractable skateboard technology.

Canoo finally started negotiations with the special purpose acquisition company Hennessy Capital AcquisiTIon late last year. SEC documents show that with the finalization of the transaction, investors have invested another $80 million in Canoo. When the transaction is completed at the end of 2020, Canoo’s total funding has reached 600 million US dollars. At the same time, its willingness to cooperate with large companies has not diminished. The startup company stated in the filing documents submitted to the SEC that it is “currently negotiating with many other blue chip industry participants, hoping to transfer Canoo’s technology and engineering expertise. The knowledge is used in the products of these companies.”

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