Shares of electrical car start-up Canoo jumped by as a lot as 14% throughout intraday buying and selling Thursday after the automaker detailed plans for a brand new bubbly wanting pickup truck.

The unnamed car includes a rounded, snub-nosed entrance finish with comparable lighting and design components to an electric van the corporate introduced final 12 months. Canoo stated it designed the pickup “to be probably the most cab-forward and house environment friendly available on the market, with large cargo capability on the smallest footprint attainable.” Auto web site Jalopnik in contrast the design to a retro Volkswagen van or pickup from the Nineteen Fifties.

Canoo, which went public by way of a reverse merger with Hennessy Capital Acquisition Corp. in December, is the most recent firm to announce plans for an all-electric pickup truck.

General Motors, Tesla, Rivian and Lordstown Motors are anticipated to start manufacturing of electrical pickup vehicles later this 12 months, adopted by Ford Motor in 2022. Canoo needs to carry its pickup to market as early as 2023.

A number of of the merchandise have been delayed attributable to impacts type the coronavirus pandemic and different circumstances. Tesla CEO Elon Musk stated, on the corporate’s most up-to-date earnings name, “So, we completed nearly the entire Cybertruck engineering.” He added, “If we get fortunate, we’ll be capable of do a number of deliveries in the direction of the top of this 12 months. However I count on quantity manufacturing to be in 2022.”

Regardless of the quantity of anticipated entries, EV pickups are a totally unproven car phase. However legacy automakers similar to GM and Ford, which rely closely on pickups for income, are trying to defend their main market shares in opposition to newer, all-electric firms.

Whereas Canoo’s pickup stands out from others relating to its bubble-like design, its introduced 200-mile vary is decrease than different opponents. GM’s Hummer EV pickup will obtain greater than 350 miles, whereas Tesla has stated its Cybertruck will vary from 250 miles to greater than 500 miles.

Canoo’s first automobiles are anticipated to be all-electric client and supply vans starting in 2022. The corporate has not introduced particular plans for manufacturing, but it surely has a strategic relationship with auto provider and contract producer Magna International.

– CNBC’s Lora Kolodny contributed to this report.