EV startup Canoo (GOEV) hit several milestones in the third quarter, including delivering its first EV built at its new Oklahoma facility.
Canoo delivers first “Made in Oklahoma” EV in Q3
“We are now in our manufacturing and revenue-generation phase,” Tony Aquila, Canoo CEO, said after delivering Q3 results this week.
Although it took “nearly three years to get to this point,” as Aquila explained, Canoo began generating its first revenue during the quarter.
Canoo announced it had delivered its first “Made in Oklahoma” EV to the state Tuesday. The company’s Lifestyle Delivery Vehicles (LDVs) are the first commercial motor vehicles to be built in the state since 2006.
The EVs were the first batch of an agreement between Canoo and the state for up to 1,000 vehicles.
The news comes after Canoo said it began generating revenue from its first three vehicles delivered to NASA in July.
Canoo’s journey to get here has been anything but smooth, but the EV maker is finally entering the “revenue-generation phase.”
Canoo begins generating revenue
“We continue to move toward our goal of achieving 20,000 annual unit capacity,” Canoo’s leader explained this week.
Despite the progress, “We still have things left to prove.” Canoo is cutting spending with an expected EBITDA loss of $85M to $105M in the second half of 2023. Capital spending is forecasted between $30M to $40M, down from $70M to $100M.
Canoo posted revenue of $519M on the sale of its first EV, while losses narrowed to $112M in Q3, compared to over $117M last year. The company’s net losses reached $273.6M through September.
The EV maker ended the quarter with $8.3M in cash and equivalents, compared to $5M at the end of June.
Canoo also unveiled its “American Bulldog” electric pickup truck last week. The EV pickup is a tribute to the “American spirit and reflects this country’s innovation,” according to Aquila.
Electrek’s Take
With its “Made in America” approach, Canoo expects to benefit from the IRA’s Commercial Clean Vehicle Tax Credit. Canoo customers are eligible for a tax credit of up to $7,500.
Although it’s been anything but a smooth ride, Canoo finally generated its first revenue. The company has repeatedly doubted its ability to continue operations over the past few years due to a lack of funding.
The third quarter was a step in the right direction, but with a gloomy economic outlook, the next few months could present even more of a challenge for the young EV startup as it ramps production.
FTC: We use income earning auto affiliate links.More.
Daimler Truck North America has helped alcohol distributor Reyes Beverage Group deploy fully 29 zero-emission Freightliner eCascadia Class 8 electric semi trucks in its California delivery fleet.
Reyes Beverage Group (RGB) plans to deploy the first twenty Freightliner electric semi trucks at its Golden Brands – East Bay and Harbor Distributing – Huntington Beach warehouses, marking the first phase in the company’s transition to a fully zero emission truck fleet by 2039. An additional nine eCascadia Class 8 HDEVs are scheduled for delivery to RBG’s Gate City Beverage – San Bernardino warehouse before the end of 2024.
RBG’s decision to adopt the Freightliner eCascadia builds on its recent transition to renewable diesel and its ongoing idle-time reduction program. These electric vehicles (EVs) “go electric” will contribute significantly toward the company’s stated goal of reducing its carbon emissions 60 percent by 2030. These 2 trucks will save some 98,000 gallons of diesel fuel annually, and avoid putting nearly 700 metric tons of carbon dioxide and other harmful emissions into California’s air each year.
“We are excited to be among the first in our industry to adopt these electric vehicles,” explains Tom Reyes, President of RBG West. “This is a significant step toward our sustainability goals and ensuring compliance with state regulation as we transition our fleet to EV.”
Freightliner’s eCascadia electric semi trucks offer a number of battery and drive axle configurations with ranges between 155 and 230 miles, depending on the truck specification, to perfectly match customers’ needs without compromising on performance and load capacity. RBG’s Freightliner eCascadia tractors will rely on electric charging stations installed at each facility, allowing them to recharge to 80% capacity in as little as 90 minutes for RGB’s trucks, which feature a typical driving range of 220 miles as equipped.
The Windsor, Ontario utility says it’s driving towards a more sustainable future after adding a dozen new electric vehicles to its fleet – including a state-of-the-art, 55-foot Terex electric bucket truck.
Based on a Class 7 (33,000 lb. GVWR) International eMV Series BEV, the Terex EV takes the eMV’s 291 kWh battery and adds the Terex Optima 55-foot aerial device and HyPower SmartPTO system to create a fully electrified utility service vehicle that can do anything its diesel counterparts can do while offering better, safer working conditions for utility crews.
“We’ve got 12 EVs,” said Gary Rossi, president and CEO, Enwin Utilities. That number represents fully 10% of the utility’s entire vehicle fleet. “Our centerpiece is our electric 55-feet bucket truck. It’s very quiet,” continues Rossi. “So (the truck) allows us, our crews, to communicate better. It’s not as loud in the community when they’re doing repairs in someone’s backyard.”
That notion is echoed by Terex, itself. The company says its HyPower SmartPTO (power take off), which replaces a mechanical PTO, avoids a loud idling engine while reducing workers’ exposure to toxic exhaust fumes.
“It’s all about building Windsor’s future and literally plugging into the battery factory down the road that is being constructed and showing that Windsor is a leader on this front,” says Drew Dilkens, Mayor of Windsor. “I don’t own an internal combustion engine vehicle,” adds Mayor Wilkins. “I only own two electric cars. My wife and I, we made the change starting in 2019 and I can’t see myself ever going back.”
CTV News Windsor
Enwin says its commitment to clean energy extends beyond its vehicle fleet. The company recently unveiled a massive MW solar rooftop net metering facility at its Rhodes Drive headquarters with over 3,000 solar panels. The site, one of Canada’s largest solar installations, generates enough clean electricity to power 300 homes annually.
Built by Damen Shipyards and the first fully electric tugboat to be deployed in the Middle East, the new RSD-E Tug 2513 Bu Tinah put in its record-breaking performance took place at Khalifa Port during ADIPEC, the world’s largest energy conference.
The RSD-E Tug 2513 is based on the already efficient hull design of the standard, diesel-powered RSD Tug 2513, but its new, fully electric propulsion arrangement enables it to offer zero emissions operations in situations where oil or fuel leakage would be – let’s say especially bad.
But, while the “clean” aspect of all-electric operation is obvious, its Guinness World Record of performance shows that the Damen RSD-E Tug 2513 is up to whatever task its owners put to it.
“This Guinness World Record achievement demonstrates that the transition to alternative energy does not come at the cost of performance,” explains Maritime & Shipping Cluster, AD Ports Group, Captain Ammar Mubarak Al Shaiba. “We are very proud that the first electric tug in the Middle East is also making waves on a global level with this accolade and the fact that in parallel it is improving the sustainability of our operations alongside cost efficiencies in terms of overall fuel saving is extremely important. This vessel is now a key component of our Marine Services fleet and our electrification strategy.”
To earn its record, the the Damen RSD-E Tug 2513 Bu Tinah recorded an average high peak bollard pull of 78.2 tonnes (about 86 ‘Murican tons). The record-setting tugboat can undertake a minimum of two towage operation on a single charge, and can be recharged on a marine DC fast charger in just two hours.