Next year in 2024, the Schindler Group will be celebrating their 150th year in business and their equipment is used to transport 1.5 billion people up, down and around buildings, every single day! But honestly, when riding in an elevator or escalator, how often do you really pay attention to the manufacturer? There is a concept in psychology called the Baader-Meinhof phenomenon, also known as the frequency illusion. For example: once you purchase a new car you start seeing it everywhere. The idea is that there is an attentional 'awakening' to the object that now holds value to you.
Fans of Canoo might start to experience this phenomenon when it comes to spotting the Schindler logo as they go about their day after having an "awakening" to the company since they announced their partnership with Canoo.
Schindler has a rich legacy of Innovation. What started as a small mechanical workshop in 1874 has evolved into a global leader in elevator and escalator manufacturing, installation, and maintenance. Throughout their history they have consistently pushed the boundaries of technology, introducing numerous innovative solutions that have revolutionized the vertical transportation industry and they are now the first to announce the intent of EV light-duty vans in the US market.
Globally, Schindler employs 70,000 people and operates a fleet of over 20,000 vehicles. In the US alone, they have 6,000 employees and nearly 4,000 vehicles. While only 100 vehicles were electric by the end of 2022, they plan to have approximately 240 electric vehicles in service by the end of 2023. Among these, 50 will be Canoo LDVs with specialized upfitting by their Fleet Management partners, Holman. Schindler has committed to the goal of being carbon neutral by 2040, which might sound like a long time away, but is still ambitious for a company it's size. Their ICE vehicles account for the largest proportion of direct energy consumption and so they will continue to focus on transitioning their massive fleet to more carbon neutral technology.
Schindler's commitment to achieving carbon neutrality by 2040 demonstrates its leadership and determination to create a more sustainable world. With a legacy of innovation and a robust roadmap focused on energy efficiency, renewable energy adoption, and carbon offsetting, Schindler is actively transforming the vertical transportation industry.
Authors disclosures: I am long Canoo - I own common shares, warrants and call options.
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