Canoo's fortunes took a sharp turn this week after a shake up in their C-suite with their chief financial officer abruptly leaving and a partnership with Hyundai Motor Group falling apart.

On Tuesday, the Torrance-based automaker's shares plummeted as much as 25%, erasing the gains it made after its latest product was revealed earlier this month.

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The electric pickup truck market is charging up even before the first models have hit the road.

Last week, Irvine-based Alpha Motor Inc. and Torrance-based Canoo unveiled their versions that they hope will compete with legacy companies like Ford and General Motors.

The Alpha Wolf Utility Truck, like Canoo's pickup, is a much smaller version than the gas-powered vehicles on the market. The two-seat pickup truck is just 188 inches long, about a foot shorter than the smallest gasoline-powered pickup currently on sale in the U.S. Alpha plans to offer two and four-wheel-drive versions of the Wolf with a 75-85 kilowatt-hour lithium-ion battery and projects a range of about 275 miles on a full charge.

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With streamlined styling, innovative packaging and a slew of novel features, Canoo Inc. released a first look at its electric truck. The Torrance-based company is set to produce a compact pick-up in 2023, entering an emerging market that includes Tesla and Rivian, but also General Motors and Ford.

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