Canoo Inc., the electric vehicle startup that's moving its headquarters to Bentonville, announced Thursday that it has delivered an experimental vehicle to the U.S. Army in fulfillment of a contract awarded over the summer.
The Light Tactical Vehicle, or LTV, is a pickup-style vehicle engineered for extreme environments that comes with "stealth configurations," the company said. The LTV incorporates carbon Kevlar for strength without added weight and can be converted from a pickup to a flatbed truck, a cargo vehicle and more.
The vehicle also comes with a modular attachment system and accessories to interchange the flatbed walls with racks, ramps, storage boxes, tents, or tactical systems. It has an all-wheel drive system with up to 600 horsepower, raised suspension and all-terrain tires.
"The LTV is another milestone proving the power of our technology and how it can be used, even in tactical situations," CEO Tony Aquila said in a news release.
The Army is evaluating the LTV for use in operational and garrison environments. It awarded a $67,500 contract to Canoo in July to develop the vehicle. It was the second government contract awarded to Canoo, coming after a $147,855 agreement with NASA to develop astronaut transport vehicles.
Losses have widened and cash has been tight at the publicly traded company, but Aquila told investors in a third-quarter earnings call that Canoo (Nasdaq: GOEV) is well-positioned to benefit from the Inflation Reduction Act, which includes billions of dollars in incentives for domestic electric vehicle manufacturing. Canoo also has major orders from Walmart and fleet providers Kingbee Rentals LLC of West Valley City, Utah and Zeeba Co. Inc. of Los Angeles.