Electric vehicle startup Canoo announced on Thursday that its Lifestyle Delivery Vehicle (LDV) 190 has won the “Best of the Best” award in the commercial vehicles category at the annual Red Dot Design Awards.
Additionally, the LDV 190 is also has been nominated nominated for the Red Dot: “Luminary”. From 2024, the “Luminary” will be selected from design concepts submitted by companies and design professionals, Red Dot stated in the website.
The Red Dot Award is one of the world’s largest and well known design competitions.
“We are honored to receive these recognitions from Red Dot,” said Tony Aquila, CEO at Canoo.
“Our goal is to design EVs that meet sustainability, reliability, and ergonomic needs globally. This award is a testament to our team’s dedication to innovative design,” the chief executive added.
The company will present a business update during an online event on July 10 as its stock price approach a new all time low after plummeting 53 percent in the last two months.
Earlier this week, the company announced that received the first of two tranches of advanced manufacturing assets from Arrival Automotive UK Limited. The British EV startup, has gone into bankruptcy protection without making any sales earlier this year.
Last Friday, the company filed a Form with the Securities and Exchange Commission (SEC) for the potential sale of up to 5,571,500 shares.
The event, hosted by the investment firm Force Family Office, will run from 4:00 PM to 5:00 PM eastern time and stakeholders can register to watch the event live.
The company has recently announced it had entered into a $15 million Pre-Paid Advance Agreement (PPA) with YA II PN, Ltd., managed by Yorkville Advisors.
Last week, the chief financial officer, Greg Ethridge, participated at the Sidoti Small Cap conference where he stated the company is “at the stage of production ramp”.
The CFO said that Canoo will, “overtime”, set up “manufacturing in international locations” besides its manufacturing plant in Oklahoma, United States.
