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5	5	= Summary =
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7		-* Canoo Inc. is an outcome of ‘business combination’ through Hennessy Capital Acquisition Corp, which was established as a ‘blank check company’ for the purposes of merger, acquisition, stock purchase and so on.
	7	+* Canoo Inc. is an outcome of ‘business combination’ through Hennessy Capital Acquisition Corp (HCAC), which was established as a ‘blank check company’ for the purposes of merger, acquisition, stock purchase and so on.
8	8	* The ‘business combination’ on to take effect on August 17, 2020 and closed it on December 31, 2020.
9	9	* The main products of the company include electric van, multi-purpose delivery vehicles, and pickup truck. The company has 805 employees as on December 31, 2021.
10	10	* Canoo Inc. went public on December 21, 2020. It is listed and traded on the Nasdaq Global Select Market.
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16	16	= Brief Company Overview =
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18		-Canoo Inc. (NASDAQ:GOEV) is a mobility technology company with a mission to bring electric vehicles (“EVs”) to everyone and provide connected services that improve the vehicle ownership experience. The company is an automotive start-up that develops multipurpose platforms and digital ecosystems to reinvent the automotive landscape in terms of design, pioneering technologies that spans the full lifecycle of the vehicle.
	18	+[[image:Canoo_logo.svg.png||alt="Canoo logo" height="155" style="float:left" width="338"]]Canoo Inc. (NASDAQ:GOEV) is a mobility technology company with a mission to bring electric vehicles (“EVs”) to everyone and provide connected services that improve the vehicle ownership experience. The company is an automotive start-up that develops multipurpose platforms and digital ecosystems to reinvent the automotive landscape in terms of design, pioneering technologies that spans the full lifecycle of the vehicle.
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20	20	Birth of the company can be traced back to establishment of Hennessy Capital Acquisition Corp. IV (HCAC) and its incorporation in August 2018 as a Delaware corporation. HCAC was established as a ‘blank check company’ for the purpose of effecting a merger, capital stock exchange, asset acquisition, stock purchase, reorganization or similar business combination with one or more businesses. In the 10-K filing of 2019, the company states its vision to take any opportunity of acquisition in any industry and geographical location but with a preference to match the background of its management; initial target was to acquire one or more businesses with an aggregate enterprise value of $750 million or greater. Later on, the company announced its ‘business combination’ on to take effect on August 17, 2020 and closed it on December 31, 2020.{{footnote}}See 10-K Filing 2019{{/footnote}}
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	22	+[[image:Cover photo.jpg||alt="Canoo cover photo" height="578" width="1026"]]
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22	22	The company is headquartered in Torrance California. The main products of the company include electric van, multi-purpose delivery vehicles, and pickup truck. The company has 805 employees as on December 31, 2021. The company is headed by Tony Aquila as an Investor, Executive Chairman, and Chief Executive Officer.
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24	24	== Share Market Insights ==
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27	27
28	28	= The Business Combination =
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30		-On December 21, 2020 (the “Closing Date”), Hennessy Capital Acquisition Corp. IV (“HCAC”) consummated the previously announced merger pursuant to that certain Merger Agreement and Plan of Reorganization, dated August 17, 2020 (the “Merger Agreement”), by and among HCAC, HCAC IV First Merger Sub, Ltd., an exempted company incorporated with limited liability in the
	32	+On December 21, 2020 (the “Closing Date”), Hennessy Capital Acquisition Corp. IV (“HCAC”) consummated the previously announced merger pursuant to that certain Merger Agreement and Plan of Reorganization, dated August 17, 2020 (the “Merger Agreement”), by and among HCAC, HCAC IV First Merger Sub, Ltd., an exempted company incorporated with limited liability in the Cayman Islands and a direct, a wholly owned subsidiary of HCAC (“First Merger Sub”), EV Global Holdco LLC (f/k/a HCAC IV Second Merger Sub, LLC), a Delaware limited liability company and a direct, wholly owned subsidiary of HCAC (“Second Merger Sub”), and Canoo Holdings Ltd., an exempted company incorporated with limited liability in the Cayman Islands (“Legacy Canoo”). Pursuant to the terms of the Merger Agreement, a business combination between HCAC and Legacy Canoo was effected through the merger of (a) First Merger Sub with and into Legacy Canoo, with Legacy Canoo surviving as a wholly-owned subsidiary of HCAC (Legacy Canoo, in its capacity as the surviving corporation of the merger, the “Surviving Corporation”) and (b) the Surviving Corporation with and into Second Merger Sub, with Second Merger Sub being the surviving entity, which ultimately resulted in Legacy Canoo becoming a wholly-owned direct subsidiary of HCAC (all transactions collectively, the “Business Combination”). On the Closing Date December 31, 2021, and in connection with the closing of the Business Combination, HCAC changed its name to Canoo Inc. and the Company’s common stock (“Common Stock”) began trading on The Nasdaq Global Select Market under the ticker symbol GOEV.
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32		-Cayman Islands and a direct, a wholly owned subsidiary of HCAC (“First Merger Sub”), EV Global Holdco LLC (f/k/a HCAC IV Second Merger Sub, LLC), a Delaware limited liability company and a direct, wholly owned subsidiary of HCAC (“Second Merger Sub”), and Canoo Holdings Ltd., an exempted company incorporated with limited liability in the Cayman Islands (“Legacy Canoo”). Pursuant to the terms of the Merger Agreement, a business combination
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34		-between HCAC and Legacy Canoo was effected through the merger of (a) First Merger Sub with and into Legacy Canoo, with Legacy Canoo surviving as a wholly-owned subsidiary of HCAC (Legacy Canoo, in its capacity as the surviving corporation of the merger, the “Surviving Corporation”) and (b) the Surviving Corporation with and into Second Merger Sub, with Second Merger Sub being the surviving entity, which ultimately resulted in Legacy Canoo becoming a wholly-owned direct subsidiary of HCAC (all transactions collectively, the “Business Combination”). On the Closing Date December 31, 2021, and in connection with the closing of the Business Combination, HCAC changed its name to Canoo Inc. and the Company’s common stock (“Common Stock”) began trading on The Nasdaq Global Select Market under the ticker symbol GOEV.
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36	36	Legacy Canoo was deemed to be the accounting acquirer in the Business Combination based on an analysis of the criteria outlined in Accounting Standards Codification (“ASC”) 805. While HCAC was the legal acquirer in the Business Combination, because Legacy Canoo was deemed the accounting acquirer, for accounting purposes, the transaction was treated as a recapitalization of Legacy Canoo (i.e., a capital transaction involving the issuance of stock by HCAC for the stock of Legacy Canoo). Accordingly, the consolidated assets, liabilities and results of operations of Legacy Canoo became the historical financial statements of the combined company, and HCAC’s assets, liabilities and results of operations were consolidated with Legacy Canoo, upon the consummation of the Business Combination. The net assets of HCAC are recognized at historical cost (which is expected to be consistent with carrying value), with no goodwill or other intangible assets recorded.{{footnote}}For further info, see 10-K Filing 2020{{/footnote}}
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38	38	= Other Contracts =
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114	114	This vehicle is fully electric and suitable for city explorers, businesses, families and adventurers. The company expects to launch this product by the end of 2022 starting approximately at $39,950. It has 200 miles range, up to 350 horse power capacity, and 121 cubic feet cargo volume. The vehicle will be available in three variants – Base, Premium and Adventure. The base variant will have up to 350 horse power capacity, 5 seats. It will charge from 20% to 80% in 28 minutes. Wheel diameter of this variant is 18 inches. The premium variant has 7 seats, panoramic glass roof and street view window. The adventure variant has exclusive dark green colour, light bar and roof rack, and 19 inches adventure wheel.
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	114	+[[image:lifestyle vehicle.webp||alt="canoo lifestyle vehicle" height="335" width="596"]]
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116	116	=== MPDV ===
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118	118	MPDV stands for Multi-Purpose Delivery Vehicle. It is a multi-purpose delivery vehicle. The company positions the product on that it would offer lower total cost-of-ownership, easy maintenance, more cargo volume, small footprint, and easy maneuverability. The vehicle will also include some productivity tools such as power plant, and scope to plug in the tools of the owner.
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	120	+[[image:MPDV 1.png||alt="canoo mpdv" height="339" width="649"]]
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120	120	=== Pickup Truck ===
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122	122	This product is designed to function for both work and weekends. Targeted capacity for the truck is 500+ horse power, payload capacity is up to 1800 pounds, range is 200+ miles, and power train is AWD or RWD.{{footnote}}More about this product at https://www.canoo.com/pickup/{{/footnote}}
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126	126	Canoo boasts its ‘unique independently drivable’ platform. The platform will have ‘first true steer-by-wire-platform’. The battery moduled are directly incorporated into the platform structure. Also, it offers in-house designed ECUs and battery management systems (BMS). The platform incorporates composite leaf spring suspension.
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	130	+[[image:platform.png||alt="Canoo platform"]]
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128	128	= Competition and Industry Analysis =
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130	130	== Features and competitive edge ==
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151	151	The market for Electric Vehicles can be broadly categorized into two segments – passenger and commercial applications. The global call for clean energy has spurred the governments pass laws to move from gasoline vehicles to electric vehicles market. Since 2018 Boston Consulting Group (BCG) has been publishing reports on projection on the EV adoption. As the years have passed, the company has revised the sales projection of EVs in 2030. In 2018 report of BCG, the projection was 21% and in 2022 report, the project is revised to achieve CAGR of 53% year-on-year. BCG’s 2022 report was published in June of 2022, months before the new tax credits in the Inflation Reduction Act (signed August 2022) and California’s proposed ban on the sale of gasoline vehicles in 2035 (announced August 2022). These developments will continue to expedite EV adoption in the US, promising that the next BCG report will have more aggressive projections.{{footnote}}https://www.recurrentauto.com/research/ev-adoption-us{{/footnote}}
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	157	+[[image:EV Trend.png||alt="electric vehicles trend"]]
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153	153	The commercial market segment for Canoo supposedly has huge opportunity in it. The last mile delivery vehicles are expected to be into the market keeping a same pace with the growth of the ecommerce. According to eMarketer, the North American e-commerce market is projected to grow at a 18.4% CAGR (between 2019 and 2025), reaching approximately $1.6 trillion in scale by 2025. Further, the transition of existing and new last mile delivery fleets to all EVs is expected to be a significant trend in the short-term period, according to McKinsey. According to Bloomberg NEF, light duty commercial vehicles, such as last mile delivery vehicles, will be the first commercial vehicles to transition to electric, as compared to medium and heavy-duty commercial vehicles.
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	161	+[[image:EV adoption trend.jpeg||alt="electric vehicle adoption trend"]]
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155	155	According to Bloomberg NEF, global sales of new passenger EVs are expected to grow from 2.7% of total vehicle sales in 2020 to 10% and 58%, in 2025 and 2040, respectively. Consumers, facing the growing threat of climate change and becoming more confident in improved EV range and the broader expansion of EV charging infrastructures, are increasingly looking to an EV as their next vehicle. Consumers in urban areas, in particular, have shown the highest levels of demand. Demand for passenger EVs in the United States, specifically, is expected to grow quickly at a 26% CAGR from 2019 to 2028 and reach over 3 million EVs on the road by 2028, according to EVAdoption. Potential significant upside in the consumer EV segment remains as the penetration of EVs in the United States as a percentage of total annual consumer vehicle sales is expected to still be under 3% in 2022, according to data from Bloomberg NEF, presenting substantial growth potential for our consumer vehicle offerings.
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157	157	== Competitive strengths ==
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168	168	* On Oct 17, 2022, Kingbee placed binding order for 9,300 Canoo Electric Vehicles and on Oct 11, 2022, Zeeba singed binding agreement to purchase 3,000 Canoo Electric Vehicles. And in July, 2022, Walmart signed to purchase 4,500 Canoo Electric Vehicles to be used for their last mile delivery.
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