Apple reportedly discussed acquiring EV startup Canoo

by admin January 14, 2021 at 5:59 am

Rumors of Apple [NASDAQ: AAPL] entering the automotive space with an electric vehicle of its own date back several years, but now we have a potential new piece of the puzzle.

The Verge, citing people familiar with the matter, reported Tuesday that Apple held talks with Canoo in the first half of 2020 over options ranging from an investment to a full acquisition.

According to the sources, Canoo was more interested in an investment than an acquisition and the talks ultimately fell apart.

Canoo MPDV electric van

Canoo MPDV electric van

Canoo is an electric-vehicle startup based in California and since December publicly traded on the Nasdaq. The company, formed by ex-Faraday Future executives, has developed its own modular EV platform and unveiled two vehicles based on the platform, a passenger van and delivery van. The company has also hinted at a sporty coupe-like vehicle.

Canoo has previously been involved in tie-ups and there could be more in the future. The company in 2020 entered a deal with Hyundai to jointly develop an EV platform, and in a recent filing with the Securities and Exchange Commission said it is in talks with multiple major firms about providing its engineering services.

As for Apple and its car plans, the company this week was reported to be planning a self-driving EV with Hyundai to be built at a plant in the United States from 2024. Apple also acquired self-driving technology startup Drive.ai in 2019.

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