Photo: Courtesy of Canoo

Electric vehicle startup Canoo Inc. (GOEV) unveiled its fully-electric pickup truck on Wednesday.

What Happened: The California-based company will begin taking pre-orders for the production version of the pickup truck in the second quarter of 2021, with deliveries set to begin in 2023.

The pickup truck is the third vehicle that will be based on Canoo’s multi-purpose platform architecture, dubbed “skateboard,” and is aimed at commercial customers as well as consumers.

The vehicle, with steer-by-wire and brake-by-wire technology, will have output ranging up to 600 horsepower and a driving range of more than 200 miles.

The compact truck has several unique features including a six-foot-long truck bed that can extend to a fully enclosed eight feet, a multi-accessory charge port, and optional roof racks. It also has a front cargo storage area that can hold tools or gear, a fold-down worktable with electrical outlets, and a hidden side step with a storage area and easy access to the truck bed.

Why It Matters: Pickup trucks are the best-selling vehicles in the U.S. market and sales have long been dominated by automakers like Ford Motor Co. (F), General Motors Co. (GM), and Stellantis N.V. (STLA).

However, electric pickup trucks form a new part of the segment and U.S. automakers are increasing their focus on this growing segment. Tesla Inc. (TSLA), Lordstown Motor Corp. (RIDE), and Amazon.com Inc. (AMZN) startup Rivian all plan to introduce electric pickup trucks later this year.

Price Action: Canoo shares closed almost 5.5% higher on Wednesday at $12.89 and further added almost 4% in the after-hours session.