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Electric vehicle startup Canoo (GOEV) has found its latest client in Schindler Elevator Corporation, a leading global elevator and escalator services provider. Schindler announced its intent to add 50 2023 Canoo EVs to its fleet, an industry first.

Canoo has fought through adversity essentially since its foundation in 2017 as it continues its mission to bring “EVs to everyone.”

The foundation for Canoo’s electric vehicles is its versatile Multi-Purpose Platform that underpins its Lifestyle Vehicle (including delivery, base, premium, and adventure trims), Multi-Purpose Delivery Vehicle, and electric pickup with up to 300 miles range.

Canoo estimates its Lifestyle Delivery Vehicles (LDVs) can lower the total cost of ownership over its peers by over 35%.

Despite developing its first Beta prototype in 19 months, Canoo faced significant hurdles in bringing its EVs to market. After posting an over $125 million loss in the first quarter of 2022 and seeing its losses widen in Q2, Canoo expressed substantial doubt it would be able to continue.

Since the beginning of 2022, Canoo has signed deals with major retailers and organizations, including Walmart (up to 10,00 LDVs), the US Army, NASA, fleet management agencies, and more.

Now another business is looking to add Canoo EVs to its fleet Schindler Elevator Corporation.

Canoo-EVs-elevator
Schindler Elevator Corporation Canoo LDV (Source: Schindler)

Leading elevator services company adds Canoo EVs

Schindler announced its intention Tuesday in a press release. The leading elevator services company claims to be the first in its industry to commit to using light-duty EV vans in the US.

The company is committing to add fifty 2023 Canoo Lifestyle Delivery EVs. Schindler CEO Ray Bisson says he “understands that companies like ours play a critical role around climate change,” adding that deploying the Canoo EVs “brings us one step closer to a low-carbon future.”

Canoo’s vehicles will be designed for technician use, with features including:

  • +200 miles range
  • 1,543-pound payload
  • 133 cubic feet of usable cargo storage
  • ADAS (including forward collision braking and auto emergency braking)

The commitment is part of Schindlers Elevator Corporation’s goal of achieving net-zero emissions by 2040.

Electrek’s Take

I’m happy to see Canoo adding another client as it works to ramp production and stay afloat. Canoo is one of those companies you want to see succeed.

The EV maker is filling an essential role in bringing electric options to the commercial delivery and work van market (and let’s not forget its adventure vehicles). With several new clients, a new high-volume manufacturing facility in OKC, and a platform to streamline EV production, hopefully, Canoo can hit the ground running this year.

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Wheel-E Podcast: ’70 MPH e-bikes’, Vietnam bans gasoline bikes, more

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Wheel-E Podcast: '70 MPH e-bikes', Vietnam bans gasoline bikes, more

This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes “70 MPH e-bikes” prompting new law changes, recalled Amazon/Walmart e-bikes, Vietnam banning gasoline-powered motorcycles, and more.

The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:

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Here are a few of the articles that we will discuss during the Wheel-E podcast today:

Here’s the live stream for today’s episode starting at 8:00 a.m. ET (or the video after 9:00 a.m. ET):

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Exxon earnings beat estimates as production growth softens impact of lower oil prices

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Exxon earnings beat estimates as production growth softens impact of lower oil prices

Exxon earnings beat estimates as production growth softens impact of lower oil prices

Exxon Mobil reported second-quarter earnings on Friday that declined significantly compared to last year, though the company beat Wall Street estimates as production growth in the Permian Basin and Guyana softened the impact of lower oil prices.

Exxon’s net income fell 23% to $7.1 billion, or $1.64 per share, compared to $9.2 billion, or $2.14 per share, in the same period last year.

Here is what Exxon reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

  • Earnings per share: $1.64 vs. $1.54 expected
  • Revenue: $81.5 billion vs. $80.77 billion expected

The oil major pumped 4.6 million barrels per day, the highest output for the second quarter since Exxon and Mobil merged more than 25 years ago. Production in the Permian hit a record 1.6 million bpd.

Exxon’s production business posted a profit of $5.4 billion, down 23% from about $7.1 billion in the same period last year on lower oil prices. Its refining business booked earnings of $1.37 billion globally, up 44% compared to $946 million in the year-ago period due to higher refining margins.

Exxon paid out $9.2 billion to shareholders, including more than $4 billion in dividends and $5 billion in share repurchases. The oil major said it’s on pace to purchase $20 billion of shares this year.

Exxon has slashed its costs by $1.4 billion so far this year and $13.5 billion since 2019. It is aiming to cut another $4.5 billion through the end of 2030.

This is a breaking news story. Please check back for updates.

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Chevron profit hit by low crude oil prices and loss from Hess acquisition

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Chevron profit hit by low crude oil prices and loss from Hess acquisition

Chevron profit hit by low crude oil prices and loss from Hess acquisition

Chevron on Friday reported second-quarter earnings that took a substantial hit due to low oil prices and a loss on its acquisition of Hess Corporation.

The oil major’s net income declined about 44% to $2.49 billion, or $1.45 per share, from $4.43 billion, or $2.43 per share, in the same period last year.

Chevron booked a $215 million loss on the fair value measurement of Hess shares. When adjusted for that charge and other one-time items, Chevron earned $1.77 per share to beat Wall Street estimates.

Here is what Chevron reported for the second quarter compared with what Wall Street was expecting, based on a survey of analysts by LSEG:

  • Earnings per share: $1.77 adjusted vs. $1.70 expected
  • Revenue: $44.82 billion vs. $43.82 billion expected

Chevron completed its acquisition of Hess on July 18, after prevailing against Exxon Mobil in a long-running dispute that threatened to blow up the $53 billion deal. An arbitration court rejected Exxon’s claim to a right of first refusal over lucrative Hess assets in Guyana, clearing the way for Chevron to complete the transaction after a long delay.

Chevron expects the deal to begin adding to earnings in the fourth quarter. It also hopes to reduce annual run-rate costs by $1 billion by the end of 2025.

Chevron pumped a record 3.4 million barrels per day worldwide for the quarter, a 3% increase over the same period last year. U.S. production jumped about 8% to 1.69 million bpd compared to the year-ago period, with production in the Permian Basin hitting 1 million bpd. The Hess acquisition will add assets in the Bakken formation and Gulf of Mexico in addition to Guyana.

Chevron’s production business posted a profit of $2.72 billion, down 38% from $4.47 billion in the same period last year due to lower oil prices. Its refining business booked earnings of $737 million, up 23% from $597 million last year on higher margins for product sales.

Chevron paid out $5.5 billion to shareholders in the quarter, including $2.6 billion in share buybacks and $2.9 billion in dividends.

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