The time it takes for Canoo's Lifestyle Vehicle to reach 80% charge



The range on Canoo's Pickup on a single charge



The payload that Canoo's Pickup has

The Path to Drawdown: Electric Cars (EVs)

The electric vehicle (EV) was first built in 1828, but being unable to surmount the challenge of building a lightweight, durable battery with adequate range meant that internal combustion engines have dominated the automotive and transport landscape since the 1920s. 

Today that landscape is changing thanks to supportive policies and falling costs. More than 1 million EVs now take to the roads. The difference in impact on the climate is remarkable. Compared to internal combustion vehicles, CO2 emissions drop by 50% if an EV’s power comes off the conventional grid. If powered by solar energy, emissions are cut by 95%. Once households purchase EVs, their operating costs are often cheaper than gas-based cars, too.

What once used to be a limitation for EVs - the question of how far the car can travel on a single charge - is now much less of a concern. The average range of a battery electric vehicle produced in 2020 is about 217.5 miles, up from 124 miles in 2015.

What’s making this increase in mileage possible is the continuing development in battery capacity. Global EV battery capacity is expected to increase from around 170 GWh per year today to 1.5 TWh per year in 2030. At the same time, the cost of batteries is falling as their production reaches greater scale.

To be on track to remain under 1.5ºC of warming, 100% of passenger cars and vans (p. 138) need to be running on electricity by 2050. This is a jump from 5% of cars and 0% of vans in 2020, respectively. Accomplishing this overhaul of the transportation landscape means EV production and ownership need to continue to expand over the next three decades:

  • 11 million EV cars and vans were on the road in 2020
  • 2 billion EV cars and vans (100% of total global sales) need to be on the road by 2050

This would require a CAGR of 18.94% from 2018-2050


Canoo Inc. (stock ticker: GOEV), a mobility technology company, manufactures electric vehicles for commercial and consumer markets in the United States. They offer B2B delivery vehicles, multi-purpose delivery vehicles, and lifestyle vehicles using skateboard architecture technology. They plan to serve small businesses, independent contractors, service technicians, retailers, corporations, logistics companies, fleet managers, and others. Incorporated in 2017, they're headquartered in Torrance, California.

GOEV's Role in Drawdown

Canoo is still in the pre-revenue phase, but they plan to make all of their revenue from a range of electric delivery and mutli-purpose vehicles including an electric skateboard. 

Their initial product line - the Canoo Pickup - is a versatile extended cab pickup truck purpose-built to seat up to 4 people and designed to have an estimated range of 200+ miles on a single charge.

They're planning to launch two other types fo vehicles - the Lifestyle Vehicle and the Multi-Purpose Delivery Vehicle - in 2022. Their Lifestyle Vehicle product line includes two-seat, five-seat, and seven-seat electric vehicles with a range of 250 miles on a single charge. They're expected to have a charging time of 20-80% in 28 minutes.

The Multi-Puirpose Delivery Vehicles are designed to cater to the needs of small businesses and last-mile commercial fleets. These come in different sizes, designed to address different market segments. 

GOEV: What We Like

Canoo's website currently has a Sustainability Manifesto, but they don't yet disclose any sustainability metrics. We'll update this section once they make sustainability information available.

GOEV: What We Want to See Improve

Improve Manufacturing Transparency

In their financial report (p. 29) Canoo discloses that they plan to utilize a flexible manufacturing strategy that involves a combination of outsourcing direct vehicle production and their own manufacturing operations. We're particularly curious to find out more about the partners Canoo plans to outsource to and their carbon footprint. We encourage Canoo's executives to provide more transparency regarding their planned manufacturing process.

Disclose Sustainability Metrics

As of now, Canoo doesn't report their sustainability metrics. Their Sustainability page declares their commitment to fighting climate change and their intention to disclose framework and metrics that cover sustainable stewardship, governance, purpose, product and planet, manufacturing, and collaboration, diversity, and inclusion. We urge Canoo to deliver on this promise as soon as possible so that investors and stakeholders can accurately assess their impact in addressing climate change.

Develop a Circular Economy Model

We're excited about Canoo's EVs and the multi-purpose platform that they'll be built on. But Canoo could go further in the sustainability path by developing a circular economy business model, in particular by offering to take back used lithium-ion batteries from their own EVs. Of course, given that Canoo is still in the pre-revenue phase, their customers won't wear out their batteries fr years to come. But we urge Canoo to start planning recycling processes for their batteries.

Other Electric Cars (EVs) Stocks in the Climate Index

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