Canoo Inc. (Nasdaq: GOEV) today announced it will accelerate and now shift production of its breakthrough electric vehicles from Europe to the United States. The Company will begin manufacturing at its advanced industrialization facility planned for Northwest Arkansas and remains on target to bring online its Mega Micro factory in Pryor, Oklahoma in late 2023.
“Canoo is now in a position to issue guidance at a time when many others in the industry are reducing targets and projections. The Company has now refined its manufacturing strategy and assembled a team to execute the production roadmap for 2022 – 2025” said Tony Aquila, Investor, Chairman & CEO at Canoo Inc.
- 2022 guidance: 3,000-6,000 from 500-1,000 Units
- 2023 guidance: 14,000 – 17,000 from 15,000 Units
- 2024 target: 40,000 – 50,000 Units
- 2025 target: 70,000 – 80,000 Units
“In addition, we will be 100% built in the heartland of America, and we have proudly achieved another major milestone of having sourced 96% percent of our parts from U.S. and Allied Nations.”
The Company ceased contract manufacturing discussions with VDL Nedcar with the completion of our manufacturing strategy which accelerates our ability to access our incentives from Oklahoma and Arkansas. The outcome of this will be:
- Reduced supply chain vulnerabilities,
- Increased speed to market for our customers,
- Allowing us to control more securely the creation of additional innovation and IP,
- Increase advanced manufacturing jobs in the communities that support us, and
- Save thousands of dollars per unit by eliminating warranty risks, tariffs and overseas shipping costs
“The initiatives announced today are another step in executing our strategy of reducing risk and increasing certainty. We look forward to additional announcements.” said Tony Aquila, Investor, Chairman and CEO.
Canoo Inc. (NASDAQ GOEV) and VDL Groep B.V. today announced that the two companies are exploring opportunities to partner together.
The companies have ceased contract manufacturing discussions, which will better facilitate Canoo’s ability to utilize the incentives from Oklahoma and Arkansas. In addition, VDL Nedcar will return Canoo’s prepayment of $30.4 million USD / €25 million EURO. To underline the new relationship VDL Groep will also purchase $8.4 million USD / €7.5 million EURO of Canoo stock.
About Canoo
Canoo’s mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses, Canoo has offices in California, Michigan, and Texas.