Former Canoo CEO to join Apple as Cupertino company works on Project Titan EV
Apple has had a large team working on its electric vehicle platform since 2014, which is codenamed “Project Titan”. After an initial focus on autonomous technology and systems, the company has reportedly pivoted back to vehicle development and has held talks with battery giants BYD and CATL. According to sources for Reuters, Apple is keen to develop a US battery factory with whoever signs on to the project.
The Verge is now reporting that Ulrich Kranz, co-founder and CEO of EV startup Canoo — and also formerly a BMW executive during the i3 and i8 development periods — will work on the Cupertino company’s electric vehicle program under former Tesla executive Doug Field.
Kranz even help talks with Apple during the development of Canoo’s EV platform, however talks between the two companies broke down as Apple was more interested in the acquisition of the startup rather than investing in the business.
The Verge has noted that Kranz was one of a number of top executives who have departed Canoo over the last twelve months, with the company’s first CEO Stefan Krause, and CFO and chief counsel also leaving the business.
Canoo went public on the NASDAQ in December 2020 via a SPAC deal, and is thought to have received close to $600 million USD from the deal. The company’s stock price launched at $22.82, and is currently trading at $9.76 at the time of writing.
Canoo is looking to fill a niche in the increasingly crowded EV market, by developing and building commercial electric vehicles for small businesses. Its Multipurpose Delivery Vehicle (MPDV) and Canoo Pickup are scheduled for launch to US-based customers by 2023.
Not much is known about Apple’s Project Titan, however it’s believed that the company’s focus on autonomous driving alongside a vehicle platform could lead the tech company to compete with Tesla, in the race to get a fleet of autonomous taxis onto the streets.
Canoo’s MPDV. Image: Canoo
Canoo’s Pickup.
Source: The Verge