The automotive industry comprises a wide range of companies and organizations involved in the design , development , manufacturing , marketing , selling , repairing , and modification of motor vehicles . It is one of the world's largest industries by revenue (from 16% such as in France up to 40% to countries such as Slovakia).
44-654: Canoo Inc. is an American automotive company based in Torrance, California , that develops and manufactures electric vehicles . Canoo's research & development team is based in Michigan , in the Detroit region ( Auburn Hills , Livonia ), and production operations are in Justin, Texas . The company also plans to produce commercial electric vehicles such as vans for fleet, vehicle rental and ride sharing services. Canoo
88-622: A $ 1 billion IPO in 2007 and private again in 2016, at a valuation of $ 6.5 billion. During his tenure as CEO, Solera significantly expanded market share, executed more than 50 acquisitions, and employed more than 7,000 people in 90+ countries, including significant business across the MENA region. Aquila was born in Richmond, California to an immigrant and military family. After dropping out of high school, Aquila worked at his uncle's body shop sweeping floors and replacing windshields. Tony Aquila
132-613: A Utah-based work-ready van fleet rental company. In addition to the binding order of 9,300 LDVs, Kingbee has the option to double the order. Kingbee outfits its vans for fleet customers in construction trades (electrical, plumbing, energy), delivery, and mobile health. In January 2024, Canoo announced the Postal Service (USPS) order for six right-hand-drive LDV vans. As of October 2024, less than 12 have been delivered from all orders, appearing to be samples, not regular production. Automotive The word automotive comes from
176-430: A car, and prefer other modes of transport. Other potentially powerful automotive markets are Iran and Indonesia . Emerging automobile markets already buy more cars than established markets. According to a J.D. Power study, emerging markets accounted for 51 percent of the global light-vehicle sales in 2010. The study, performed in 2010 expected this trend to accelerate. However, more recent reports (2012) confirmed
220-403: A company owned by Canoo's CEO, for the use of a private aircraft, with expenditures amounting to $ 1.7 million in 2023, surpassing the company’s $ 886,000 in revenue for that year. Additionally, Canoo compensated Aquila Family Ventures for shared services support at its Justin, Texas, corporate office, totaling another $ 1.7 million in 2023, as detailed in regulatory filings. Under Aquila's management,
264-551: A group of major car manufacturers including GM , Ford , Volvo , BYD Auto , Jaguar Land Rover and Mercedes-Benz committed to "work towards all sales of new cars and vans being zero emission globally by 2040, and by no later than 2035 in leading markets". Major car manufacturing nations like the United States, Germany, China, Japan and South Korea, as well as Volkswagen , Toyota , Peugeot , Honda , Nissan and Hyundai , did not pledge. The global automotive industry
308-509: A manufacturing plant there. In January 2022, Canoo entered into a 10-year US$ 17.7 million lease for a building in Bentonville, which was planned to be an "advanced industrialization facility" for low-volume manufacturing. In August 2022, Canoo disclosed they had contracted with a third party for their initial vehicle production. That December, the company still listed Torrance, California as its headquarters, although later coverage showed
352-492: A stationary car, to a conveyor belt system where the car passed through multiple stations of more specialized engineers. Starting in the 1960s, robotic equipment was introduced to the process, and most cars are now mainly assembled by automated machinery. For many decades, the United States led the world in total automobile production, with the U.S. Big Three General Motors , Ford Motor Company , and Chrysler being
396-500: A top producer 1950s : United Kingdom, Germany, and France restarted production. 1960s : Japan started production and increased volume through the 1980s. United States, Japan, Germany, France, and the United Kingdom produced about 80% of motor vehicles through the 1980s. 1990s : South Korea became a volume producer. In 2004, Korea became No. 5 passing France. 2000s : China increased its production drastically, and became
440-456: A year, after reaching 29 million for the first time in 2017 and 28 million the year before. From 1970 (140 models) over 1998 (260 models) to 2012 (684 models), the number of automobile models in the U.S. has grown exponentially. Safety is a state that implies being protected from any risk, danger, damage, or cause of injury. In the automotive industry, safety means that users, operators, or manufacturers do not face any risk or danger coming from
484-643: Is a major consumer of water. Some estimates surpass 180,000 L (39,000 imp gal) of water per car manufactured, depending on whether tyre production is included. Production processes that use a significant volume of water include surface treatment, painting, coating, washing, cooling, air-conditioning, and boilers, not counting component manufacturing. Paintshop operations consume especially large amounts of water because equipment running on water-based products must also be cleaned with water. In 2022, Tesla's Gigafactory Berlin-Brandenburg ran into legal challenges due to droughts and falling groundwater levels in
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#1732780884815528-463: Is a primary mode of transportation for many developed economies. The Detroit branch of Boston Consulting Group predicted that, by 2014, one-third of world demand would be in the four BRIC markets (Brazil, Russia, India, and China). Meanwhile, in developed countries, the automotive industry has slowed. It is also expected that this trend will continue, especially as the younger generations of people (in highly urbanized countries) no longer want to own
572-687: Is an entrepreneur in the United States. He is the Chairman and CEO of Canoo Technologies, Inc . Aquila has Italian and Lebanese roots. He is an investor, serial entrepreneur, and inventor associated with 100+ patents in the automotive, aeronautics and cybersecurity sectors. In 2022, Tony was appointed to the Future Mobility Council for the State of Arkansas by Governor Hutchinson . In 2005, Aquila launched Solera Holdings , an automotive technology company. He took Solera public through
616-507: Is considered one of the best practice frameworks for achieving automotive functional safety . In case of safety issues, danger, product defect , or faulty procedure during the manufacturing of the motor vehicle, the maker can request to return either a batch or the entire production run. This procedure is called product recall . Product recalls happen in every industry and can be production-related or stem from raw materials. Product and operation tests and inspections at different stages of
660-499: The Greek autos (self), and Latin motivus (of motion ), referring to any form of self-powered vehicle. This term, as proposed by Elmer Sperry (1860–1930), first came into use to describe automobiles in 1898. The automotive industry began in the 1860s with hundreds of manufacturers pioneering the horseless carriage . Early car manufacturing involved manual assembly by a human worker. The process evolved from engineers working on
704-467: The PSA Group had been in the top 8 1999 to 2012, and 2007 to 2012 one of the eight largest along with the seven largest as of 2017) and the five largest in the top 5 positions since 2007, according to OICA, which, however, stopped publishing statistics of motor vehicle production by manufacturer after 2017. All ten remained as the ten largest automakers by sales until the merger between Fiat-Chrysler and
748-485: The value chain are made to avoid these product recalls by ensuring end-user security and safety and compliance with the automotive industry requirements. However, the automotive industry is still particularly concerned about product recalls, which cause considerable financial consequences. In 2007, there were about 806 million cars and light trucks on the road, consuming over 980 billion litres (980,000,000 m ) of gasoline and diesel fuel yearly. The automobile
792-504: The Canoo minivan, planned for launch in 2022. On December 22, 2020, Canoo completed its merger with Hennessy Capital Acquisition Corp IV. A few days before its stock exchange debut, the company announced its MPDV (Multi-Purpose Delivery Vehicle) product line. The entry level van was expected to sell for $ 33,000 on arrival in limited quantities in 2022, ramping up to volume production in 2023. In mid-January 2021, The Verge reported that in
836-577: The Canoo stock has fallen over 90%. Since founding the company in 2005, Aquila served as the chairman and CEO of Solera Holdings until his departure in May 2019. In November 2018, the Solera Board formally reprimanded Aquila for his conduct and policy violations and directed remedial measures. He left Solera in 2019, and later sued them for breach of contract, though the lawsuit was ultimately tossed out of court. In court filings, Solera claimed Aquila
880-632: The OKC facility would not meet full production needs. The Oklahoma City plant transaction was completed on April 7, 2023; the plant was formerly owned and operated by Terex . For 2023, Canoo reported US$ 886,000 in net revenue after delivering 22 vehicles; expenses paid to CEO Aquila's company for private aircraft and shared services were nearly four times that amount, as noted in the annual earnings report. In March 2024, Canoo acquired assets from rival EV startup Arrival after it went bankrupt. A disappointing earnings forecast of US$ 50–100 million for 2024 sent
924-657: The PSA Group in early 2021 ; only Renault was degraded to 11th place, in 2022, when being surpassed by both BMW (which became the 10th largest in 2021) and Chang'an . These were the twenty largest manufacturers by production volume in 2012 and 2013, or the 21 largest in 2011 (before the Fiat-Chrysler merger ), of which the fourteen largest as of 2011 were in the top 14 in 2010, 2008 and 2007 (but not 2009, when Changan and Mazda temporarily degraded Chrysler to 16th place). The eighteen largest as of 2013 have remained in
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#1732780884815968-423: The U.S. was overtaken by Japan and then became a world leader again in 1994. Japan narrowly passed the U.S. in production during 2006 and 2007, and in 2008 also China , which in 2009 took the top spot (from Japan) with 13.8 million units, although the U.S. surpassed Japan in 2011, to become the second-largest automobile industry. In 2023, China had for the first time in history more than 30 million produced vehicles
1012-497: The company announced that co-founder and CEO Ulrich Kranz was stepping down and would be replaced by chairman Tony Aquila as CEO. Also in April 2021, the U.S. Securities and Exchange Commission launched an investigation into Canoo after its merger with Hennessy Capital Acquisition Corp. IV due to a string of executive departures, sudden changes to its business model, and class-action lawsuits brought by shareholders. On June 17, 2021,
1056-571: The company announced they would build a new factory in Pryor, Oklahoma (just outside Tulsa ) to manufacture all of their future vehicles. The plant will be used to build "pod-shaped vans it calls 'lifestyle vehicles' beginning in 2023." The same day, Dutch media reported that the Dutch company VDL Nedcar would start producing Canoo Minivans for the European market. Later in the year, Canoo and VDL ended
1100-526: The company sued several former executives for stealing Canoo's trade secrets and poaching talent for their new business, competing EV startup Harbinger Motors . In April 2023, the company announced that battery production would commence at Pryor to fulfill a United States Department of Defense contract; and, while vehicle manufacturing was to start in Oklahoma City before the end of 2023, long range plans still included vehicle assembly at Pryor because
1144-557: The company would partner with Canoo on the joint development of a new electric vehicle platform. The platform would be used for compact vehicles and for fleet vehicles such as shuttles. The deal is part of Hyundai's Strategy 2025 program which will see Hyundai investing US$ 87 billion for five years starting in 2020. In July 2020, co-founder Stefan Krause left the company. He had previously taken an extended leave of absence in August 2019 for family reasons. Co-founder Ulrich Kranz assumed
1188-541: The first half of 2020 Canoo had been in talks with Apple for a potential role in its secretive Titan car project . On March 11, 2021, Canoo announced the Canoo Pickup Truck , an electric pickup set to release in 2023. Canoo announced plans to offer both single-motor and dual-motor all-wheel drive options for their pickup truck, with the latter being capable of producing 600 hp (450 kW) and 550 foot-pounds (750 J) of torque. The company said that
1232-517: The former head of Opel , as a senior executive. In March 2019 Evelozcity was renamed Canoo. In July 2019, Neumann left Canoo, but he remained an investor in the company. In September 2019, the company presented its first vehicle prototype, the electric van Canoo, which was later renamed to the Canoo Lifestyle Vehicle . In February 2020, Hyundai Motor Group , the parent company of Hyundai Motors and Kia Motors , announced that
1276-508: The future. Under the terms, Walmart can terminate the agreement for convenience upon 30 days notice. Canoo announced two major orders in mid-October 2022. Zeeba, a relatively unknown fleet leasing operation, also based in Greater Los Angeles , ordered a combination of 5,450 LDVs and Lifestyle Vehicles (LV), with a binding commitment of 3,000 by 2024. Some days later, Canoo announced its biggest sale to date, an order from Kingbee,
1320-766: The headquarters had moved to Justin, Texas by 2024. As of May 2024, the Bentonville facility appeared to be closed with a “Warehouse for Sublease” sign posted outside. In May 2022, it was reported that Canoo was struggling to find funding, the company saying that it had only enough funding to operate for one more quarter. It was also revealed around the same time that Canoo was suing investor Pak Tim Li, claiming they were selling shares improperly. In late November 2022, Canoo announced an agreement to purchase of an existing 630,000 sq ft (59,000 m) plant in Oklahoma City to start vehicle production by 2023, prior to completion of its micro megafactory in Pryor. In December 2022,
1364-488: The list below) currently possess the capability to design original production automobiles from the ground up, and 17 countries (listed below) have at least one million produced vehicles a year (as of 2023). These were the ten largest manufacturers by production volume as of 2017, of which the eight largest were in the top 8 positions since Fiat's 2013 acquisition of the Chrysler Corporation (although
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1408-613: The manufacturing agreement. Following receipt of orders in October 2022, Canoo announced plans for construction of a vehicle battery production facility at the MidAmerica Industrial Park (MAIP) in Pryor, Oklahoma. This was in addition to its earlier announcement of plans for a vehicle production plant at MAIP capable of producing 300,000 vehicles per year. On November 15, 2021, the company announced it would move its headquarters to Bentonville, Arkansas and establish
1452-401: The motor vehicle or its spare parts. Safety for the automobiles themselves implies that there is no risk of damage. Safety in the automotive industry is particularly important and therefore highly regulated. Automobiles and other motor vehicles have to comply with a certain number of regulations, whether local or international, in order to be accepted on the market. The standard ISO 26262 ,
1496-587: The opposite; namely that the automotive industry was slowing down even in BRIC countries. In the United States, vehicle sales peaked in 2000, at 17.8 million units. In July 2021, the European Commission released its " Fit for 55 " legislation package, which contains important guidelines for the future of the automotive industry; all new cars on the European market must be zero-emission vehicles from 2035. The governments of 24 developed countries and
1540-780: The region. Brandenburg's Economy Minister Joerg Steinbach said that while water supply was sufficient during the first stage, more would be needed once Tesla expands the site. The factory would nearly double the water consumption in the Gruenheide area, with 1.4 million cubic meters being contracted from local authorities per year — enough for a city of around 40,000 people. Steinbach said that the authorities would like to drill for more water there and outsource any additional supply if necessary. 1960s : Post-war increase 1970s : Oil crisis and tighter safety and emission regulation 1990s : Production started in NICs . 2000s : Rise of China as
1584-563: The role of permanent CEO upon Krause's departure. Also in July 2020, Canoo was featured on the TV program Jay Leno's Garage . In September 2020, Canoo announced a merger with the special-purpose acquisition company Hennessy Capital Acquisition Corp. IV., intending to list Canoo on the NASDAQ valued at $ 2.4 billion. The expectation was to raise $ 300 million to help finance the production of
1628-514: The stock price down. In August 2024, Canoo co-founder and chief technology officer Sohel Merchant left the company and Canoo announced it was moving its operations out of Los Angeles. On April 13, 2022, NASA selected Canoo to supply crew transportation vehicles for its Artemis program , with a total contract value of $ 147,855. In July 2022, Walmart entered into a definitive agreement to purchase 4,500 all-electric Lifestyle Delivery Vehicles (LDV) from Canoo, with an option to buy up to 10,000 in
1672-413: The top 20 as of 2017, except Mitsubishi which fell out of top 20 in 2016, while Geely fell out of the top 20 in 2014 and 2015 but re-entered it in 2016. It is common for automobile manufacturers to hold stakes in other automobile manufacturers. These ownerships can be explored under the detail for the individual companies. Notable current relationships include: Tony Aquila Tony Aquila,
1716-492: The truck would have over 200 miles (320 km) of range and a 1,800 lb (820 kg) payload capacity. After the announcement, shares of the company rose by 14%. It was announced in March 2021 that Canoo had terminated its partnership with Hyundai Motor Group due to a change in corporate strategy. The company also announced that it would shift away from vehicle subscriptions to selling commercial vehicles. On April 22, 2021,
1760-457: The world's largest-producing country in 2009. 2010s : India overtakes Korea, Canada, Spain to become 5th largest automobile producer. 2013 : The share of China (25.4%), India, Korea, Brazil, and Mexico rose to 43%, while the share of United States (12.7%), Japan, Germany, France, and United Kingdom fell to 34%. The OICA counts over 50 countries that assemble, manufacture, or disseminate automobiles. Of those, only 15 countries ( boldfaced in
1804-484: The world's three largest auto manufacturers for a time, and G.M. and Ford remaining the two largest until the mid-2000s. In 1929, before the Great Depression , the world had 32,028,500 automobiles in use, of which the U.S. automobile enterprises produced more than 90%. At that time, the U.S. had one car per 4.87 persons. After 1945, the U.S. produced around three-quarters of the world's auto production. In 1980,
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1848-637: Was an initial investor in Canoo, before becoming a member of the Board. He was named Board Chair in October, 2020, and CEO in March 2021. Utilizing their Multi-Purpose Platform, they plan to build multiple variants of vehicles, MPDV (Multi Purpose Delivery Vehicle), and upcoming Canoo Sports Vehicle. The LV was planned for production in late 2022. The MPDV, Truck, and Sports Car were planned for 2023 2024 and 2025 respectively. Under an agreement established in November 2020, Canoo reimbursed Aquila Family Ventures,
1892-515: Was fired for cause, that he charged the company for private jet flights that were for his personal use, and that his “brash, vulgar, and belittling comments to colleagues resulted in … significant personnel turnover, including in the executive ranks.” Aquila is the former president and chief operating officer of Mitchell International, Inc. , a company that provides claims estimating and communications software to insurance carriers. Aquila joined Mitchell in 2001 after it had acquired Ensera. Aquila
1936-665: Was founded in 2017 under the name Evelozcity by Stefan Krause and Ulrich Kranz. Krause worked for Deutsche Bank as its chief financial officer while Kranz worked for BMW as a senior executive. Both men had met at rival EV company Faraday Future before leaving together to form their own company in 2017, due to disagreement with Faraday Future's leadership. Krause took on the role of chief executive officer at Evelozcity, and Kranz became chief technology officer . The company received its primary funding from Chinese investor Li "David" Pak-Tam/Botan and German entrepreneur David Stern. In April 2018, Evelozcity Canoo hired Karl-Thomas Neumann,
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