The electric vehicle (EV) sector is buzzing with innovation, and electric trucks are capturing significant attention. However, the journey for EV startups, particularly those venturing into the electric truck market, is often fraught with volatility. Many new Electric Truck Brands make ambitious promises, but their ability to deliver remains uncertain. Proceeding with caution is wise when considering these emerging manufacturers until they establish a more stable footing in the automotive industry. This article will explore several startup electric truck brands that have announced plans for electric pickup trucks and have encountered notable setbacks, offering insight into the landscape of new entrants in the EV truck market. These brands are presented to illustrate the broader spectrum of electric truck companies but are not ranked as top recommendations.
Canoo
Evolving from Evelozcity, founded in 2017, Canoo emerged in 2019 and is currently headquartered in Bentonville, Arkansas. Their initial vehicle announcement was the distinctively designed Canoo Lifestyle Vehicle, a van-like model. Following this, the Canoo pickup truck prototype was unveiled, boasting the payload capacity of a full-size truck within a midsize truck footprint, along with enhanced maneuverability for diverse terrains. Canoo’s ambitious targets for this electric truck included over 500 horsepower, a payload capacity of up to 1,800 pounds, and a range exceeding 200 miles. As of now, neither the Lifestyle Vehicle nor the electric pickup truck has been released, although the company is actively taking preorders.
In late 2020, Hyundai Motors declared a partnership with Canoo to collaboratively develop an all-electric platform based on Canoo’s unique skateboard design, intended for future Hyundai and Kia EVs. However, a shift in direction was reported by The Verge a few months later, indicating that Canoo’s CEO announced the company would pivot from selling its technology to other automakers, focusing instead on developing vehicles primarily for commercial clients.
Since this strategic change, Canoo has faced financial headwinds, culminating in a $1.5 million settlement with the U.S. Securities and Exchange Commission (SEC) in May 2023 following an investigation. In a more positive development in July, Canoo secured a defense contract with the federal government. This contract involves producing an advanced battery pack adaptable for use in military operational platforms, signaling a diversification of their business engagements.
Lordstown Motors
Established in 2018 by Steve Burns, Lordstown Motors entered the electric vehicle manufacturing arena with initial support from General Motors. They acquired GM’s manufacturing plant in Lordstown, Ohio, setting the stage for their electric truck production. Soon after, the company announced its plan to produce the Endurance, an electric truck leveraging technology licensed from Workhorse Group’s W-15 electric pickup, a company previously led by Burns.
By 2021, Lordstown Motors began experiencing significant financial instability. The company alerted investors about potential insufficient funds to bring the Endurance to full production. Adding to the turmoil, Burns resigned from his CEO position following an investigation that revealed inflated preorder numbers for the Endurance, misrepresented by him and other executives. In 2022, in a move to restructure, Lordstown Motors sold its Ohio plant to Taiwanese manufacturer Foxconn for $230 million. This deal included an agreement for Foxconn to manufacture the Endurance pickup. Subsequently, the Endurance was launched in limited quantities in late 2022.
The year 2023 marked a downturn for Lordstown Motors. Production was halted due to successive safety recalls issued for the Endurance. By June, the company declared Chapter 11 bankruptcy and initiated a lawsuit against Foxconn. According to an SEC filing, Lordstown’s lawsuit asserted that “Foxconn had no intention of living up to its commitments, particularly with respect to the new vehicle development platform. Foxconn simply used its variety of contractual arrangements with the Company Parties as a tool to maliciously and in bad faith destroy the Company Parties’ business — while leveraging resources gained through the partnership to advance its own business interests.” This legal battle and bankruptcy filing underscore the severe challenges faced by Lordstown Motors as an electric truck brand.
Alpha Motor Corp.
Alpha Motor Corporation, a newer entrant founded in 2020 and based in Irvine, California, represents another startup electric vehicle manufacturer in the electric truck space. They announced their retro-inspired Wolf two-door pickup in 2021. The Wolf’s design evokes a retro-futuristic aesthetic, reminiscent of the Toyota Pickup famously featured in Back to the Future. Alpha has outlined plans for two variants of this electric pickup truck: the extended-cab Wolf+ and the double-cab Superwolf. Like many EV startups, Alpha Motor Corp. has encountered financial constraints and has turned to crowdfunding to raise capital. While they are currently accepting reservations through their website, construction on their prototype only commenced in December 2022. The timeline for a final production version of the Alpha Wolf remains uncertain and is likely several years away.
In conclusion, the electric truck market is an exciting but also risky area within the broader EV industry. While these startup electric truck brands demonstrate innovation and vision, their journeys highlight the significant hurdles in automotive manufacturing, particularly for new companies. Potential customers and investors should remain aware of the challenges these brands face and approach with careful consideration, recognizing that the path to successful electric truck production is complex and not guaranteed for every entrant.
