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A week before going public, the Los Angeles electric vehicle startup Canoo, valued at $2.4 billion, unveiled the company's second vehicle, a delivery van.

The modular vehicle is the latest entrant in the commercial delivery market, driven by a combination of growing ecommerce and tighter regulations on carbon emissions. Canoo, which has yet to produce a commercial vehicle, expects the vans to be available by 2022, but scaled production is slated for the following year.

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Electric car startup Canoo announced Tuesday plans to go public in a deal that values the company at $2.4 billion. It will be the fourth carmaker to do so this year as the industry rides on Tesla's soaring Wall Street valuations.

The merger with Hennessy Capital Acquisition, a special purpose acquisition company, gives Canoo access to $600 million that will help it produce and launch its first commercial vehicle by 2022.

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Luxury electric car company Karma is in talks with investment banks to help it go public, company officials told dot.LA.

Karma is hoping to ride the Tesla wave of success and capitalize on the soaring valuations of its competitors.

"We want to take advantage of the fact that the market is red hot right now, so we want to be fast," said Mikael Elley, chief of staff at Karma Automotive.

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