The electric vehicle (EV) market is rapidly expanding, and one of the most exciting segments is electric pickup trucks. While established automakers are entering this space, numerous EV startup companies are also vying for a piece of the pie. However, the path for these new Electric Truck Brands is often fraught with challenges. Many startups make ambitious promises but face significant hurdles in delivering production vehicles. It’s wise for potential buyers and investors to approach these emerging electric truck brands with caution until they demonstrate stability and reliable production. Here, we examine a few startup manufacturers that announced plans for electric pickup trucks but have encountered notable setbacks, illustrating the volatile nature of this market segment. These brands offer a glimpse into the variety of options beyond established names, but are presented for informational purposes rather than as top recommendations.
Canoo
Originating as Evelozcity in 2017 before rebranding as Canoo in 2019, this EV startup is now headquartered in Bentonville, Arkansas. Canoo initially gained attention with the Lifestyle Vehicle, a uniquely designed van-like model. Following this, they announced the Canoo pickup truck prototype, boasting the payload capacity of a full-size truck within a midsize truck footprint, coupled with enhanced maneuverability for diverse terrains. Canoo projected impressive specifications for this electric truck, aiming for over 500 horsepower, a payload capacity reaching 1,800 pounds, and a range exceeding 200 miles. Despite these announcements and ongoing preorders, neither the Lifestyle Vehicle nor the electric pickup truck has yet reached mass production.
Canoo initially secured a partnership with Hyundai Motors in late 2020 to jointly develop an all-electric platform leveraging Canoo’s innovative skateboard design for future Hyundai and Kia EVs. However, by early 2021, reports surfaced indicating a shift in Canoo’s strategy. The company’s CEO announced a pivot away from selling its technology to other automakers, focusing instead on developing vehicles primarily for commercial clients.
Since this strategic shift, Canoo has faced financial headwinds. In May 2023, the company reached a $1.5 million settlement with the U.S. Securities and Exchange Commission (SEC) following an investigation into its business practices. More recently, in July, Canoo announced a significant defense contract with the federal government. This partnership aims to develop a technologically advanced, high-power battery pack adaptable for use in military operational platforms, potentially signaling a new direction and revenue stream for the company.
Lordstown Motors
Lordstown Motors emerged in 2018, founded by Steve Burns, with the ambitious goal of producing electric vehicles. The startup garnered early credibility through backing from General Motors, including the purchase of GM’s former manufacturing plant in Lordstown, Ohio. Lordstown Motors quickly announced its plan to produce the Endurance, an all-electric pickup truck. The Endurance was designed utilizing licensed technology from Workhorse Group’s W-15 electric pickup, a previous venture also led by Steve Burns.
However, by 2021, Lordstown Motors encountered serious financial instability. The company alerted investors about potential insufficient funds to bring the Endurance to full-scale production, raising doubts about its viability. Shortly after this disclosure, CEO Steve Burns resigned amidst an investigation revealing inflated preorder numbers for the Endurance. In a major strategic shift in 2022, Lordstown Motors sold its Ohio plant to Taiwanese manufacturing giant Foxconn for $230 million. This deal included an agreement for Foxconn to manufacture the Endurance pickup. Limited production of the Endurance finally began in late 2022.
The situation worsened for Lordstown Motors in 2023. Production was abruptly halted following successive safety recalls issued by regulatory bodies. In a dramatic turn, Lordstown Motors declared Chapter 11 bankruptcy in June 2023 and initiated legal action against Foxconn. According to SEC filings, Lordstown accused Foxconn of sabotaging its business. The lawsuit alleges that “Foxconn had no intention of living up to its commitments,” and instead exploited their partnership to “maliciously and in bad faith destroy the Company Parties’ business” while furthering its own corporate interests.
Alpha Motor Corporation
Established more recently in 2020 and based in Irvine, California, Alpha Motor Corporation is among the newest electric vehicle startups. In 2021, Alpha announced its retro-styled Wolf, a two-door electric pickup truck. The Wolf’s design evokes a retro-futuristic aesthetic, drawing comparisons to a modern electric reimagining of the classic Toyota Pickup famously featured in Back to the Future. Alpha detailed plans for two versions of this electric truck: the extended-cab Wolf+ and the double-cab Superwolf. Like many EV startups, Alpha Motor Corp has faced funding challenges and has turned to crowdfunding to raise capital. While the company currently accepts reservations on its website, construction of its initial prototype only commenced in December 2022. The mass production of the Alpha Wolf electric truck is likely still several years away.
