Friday, January 21, 2022

American electric vehicle company Canoo to build plant in Oklahoma

Great news for all fans of electric lifestyle products. American electric vehicle startup Canoo (GOEV.O if you want to check out the Stock) said on Thursday it plans to build a new plant in Oklahoma to assemble their pod-shaped vans it calls “lifestyle vehicles” beginning in 2023. This is great news for the Economy and fans of awesome electric cars.

The company also said it has a deal to contract out near-term manufacturing to VDL Nedcar in Netherlands until the Oklahoma plant is ready.

canoo lifestyle vehicle
canoo lifestyle vehicle

“We have picked the awesome state of Oklahoma to manufacture,” said Aquila, who previously opened offices in Dallas.

The Oklahoma plant will be on about 400 acres of land in Pryor, in the northeast part of the state, Chief Executive Tony Aquila said at Canoo’s investor relations meeting in Dallas. The plant will employ over 2000 people.

The plant once it reaches it’s full capacity will be able to build over 150,000 vehicles a year, he said in an interview.

Canoo’s investment in the facility will come in stages, and depending on demand could ultimately range from $500 million to $1 billion. The state is providing Canoo with more than $300 million in tax incentives.

Until the Oklahoma plant opens VDL in the Netherlands will build Canoo’s electric lifestyle vehicles for the American and European markets

VDL is scheduled to build up to 1,000 vehicles next year. For 2023 they are targeting 15,000 vehicles

Canoo also has plans to introduce a multipurpose delivery vehicle and pickup truck.

In December, Canoo went public through a reverse merger with a special-purpose acquisition company (SPAC). In April, it changed CEOs, with Aquila, a former software executive and one of Canoo’s largest shareholders, taking over. As of today the stock is trading at $10.12.

See also  Canoo to launch production earlier than originally scheduled

As a fan of more electric lifestyle vehicles I am curious to see how their cars will perform. I will keep you posted about their updates on this site.

Leannehttps://wegoelectric.net
Hi I'm Leanne. I'm a big fan of electric cars (drive a Model 3 myself) and support the movement to go electric! I hope you enjoy my Articles here on the website.
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