Canoo has unveiled what it says will be the world's first subscription-only electric vehicle, which is set to be launch by 2022.

The vehicle can seat seven people and has an interior that was designed to look more like a living room sofa than actual car seats.

Canoo will go public after its merger with Hennessy Capital Acquisition Corp. IV to support the startup's production and release of its "loft on wheels."

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Los Angeles-based Canoo unveiled its flagship subscriptions-only electric vehicle with a loft-like interior design in 2019, and the company will soon be going public to fund this project

The Los Angeles-based startup deviated from the traditional car interior with rows of seats to instead create a seven-seater that looks more like a living room than an SUV. Canoo will now be going public after a merger with special-purpose acquisition company Hennessy Capital Acquisition Corp. IV at a valuation of $2.4 billion.

More specifically, the company describes the vehicle as a "loft on wheels" with seating options shaped like a sofa and visual details that make the interior feel more home-like, such as a pegboard for accessories. And instead of the traditional dashboard and infotainment center, the vehicle's non-driving features, such as navigation, music, and heating, can be controlled by the user's smartphone.

Beyond this innovation in interior design, the new automaker is also using the increasingly popular subscription-based model for its business: members contribute a single payment to use the service, which also includes registration, maintenance, insurance, and charging.

"We believe that the potential of [electric vehicle] architecture can enable a post-SUV era that addresses the ever-growing desire for space and value," Ulrich Kranz, Canoo's chief executive, said in a statement. "We promised a truly different approach for EVs, and our Canoo proves that we can deliver on that vision."

Take a look at the car, which is set to launch by 2022: