Hyundai partners with subscription-EV company Canoo to co-develop platform

Hyundai partners with subscription-EV company Canoo to co-develop platform

Mergers, acquisitions, and collaborations across one of the biggest industries like automotive, is no more a big thing for the companies. Earlier this month, Hyundai said it would invest $ 110 million in the British startup Arrival and jointly develop electric commercial vehicles.

As the companies put it in a joint release, the platform will "allow for a simplified and standardized development process, lowering vehicle price".

The centerpiece of Canoo's first vehicle, which looks more like a microbus than a conventional electric SUV, is the "skateboard" architecture, in which the batteries and the electric drive train are housed in a chassis under the vehicle cabin.

As per reliable reports, this deal is estimated to be Hyundai's latest in a series of moves which is aimed to increase investment in the next generation automobile technologies via various partnerships with distinguished overseas startups.

It will provide engineering services to help develop a fully electric and scalable platform that meets Hyundai and KIA specifications.

"We were highly impressed by the speed and efficiency in which Canoo developed their innovative EV architecture, making them the flawless engineering partner for us as we transition to become a front-runner in the future mobility industry", said Albert Biermann, head of R&D at Hyundai and Kia. The company aims to make "environmentally friendly vehicles" 25% of its total sales by 2025.

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Those investments are part of a sweeping five-year, $87 billion plan to ramp up the automaker's expertise and activity in electrification, automation and related services. Under the contract, Hyundai Motor Co. and sibling Kia Motors Corp. will be accessed to Canoo's proprietary vehicle platform called skateboard, because it is essentially a flat rectangle with four wheels attached.

The electric vehicle platform will be based on the design of Canoo's patented skateboard, according to the agreement announced Tuesday.

We already saw the Canoo skateboard and its first electric vehicle concept in September 2019.

Seeing great potential on the skateboard platform, Hyundai aims to produce low-priced autonomous and manned delivery vehicles through its Los Angeles-based initiative.

The marque claims this will reduce manufacturing costs, passing savings onto consumers and making EVs more competitively-priced against their internal combustion rivals. It's this Canoo architecture in which Hyundai Motor Group is interested.

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