Canoo is setting up headquarters in Walmart’s hometown, picks Panasonic as battery supplier | TechCrunch
https://techcrunch.com/2021/11/15/canoo-is-setting-up-headquarters-in-walmarts-hometown-picks-panasonic-as-battery-supplier/

Ouch. Losing to Arkansas. Not good.

https://tulsaworld.com/business/local/electric-vehicle-maker-canoo-to-add-375-tulsa-jobs-locate-technology-hub-software-development-centers/article_ec708908-4641-11ec-80ac-9f4412bb7314.html

On the money front, the company reported a net loss of $80.9 million in the third quarter, about a fourfold increase from the $23.4 million in losses it reported in the same period last year.

Damn. They should have made their HQ in Tulsa. Oh well, this is a good sign I guess it’s moving forward. OKC is also getting a slice of the pie as well which is good. Why have so much presence in Oklahoma only to relocate HQ to Arkansas? Is the business climate better there?

On the money front, the company reported a net loss of $80.9 million in the third quarter, about a fourfold increase from the $23.4 million in losses it reported in the same period last year.

I'm still skeptical of any of this actually happening.

Damn. They should have made their HQ in Tulsa. Oh well, this is a good sign I guess it’s moving forward. OKC is also getting a slice of the pie as well which is good. Why have so much presence in Oklahoma only to relocate HQ to Arkansas? Is the business climate better there?

Tulsa will be an R&D center with 375 new jobs planned. I’m still skeptical but they are certainly doubling down on the region.

Ugh, it drives me nuts that no company wants to have an HQ here. The lack of a major university presence really hurts us. I wish UTulsa had grown better. ORU is rapidly expanding, but...

The supposed R&D center sounds like a political offering. We'll see how many jobs actually materialize.

Ugh, it drives me nuts that no company wants to have an HQ here. The lack of a major university presence really hurts us. I wish UTulsa had grown better. ORU is rapidly expanding, but...

The supposed R&D center sounds like a political offering. We'll see how many jobs actually materialize.

Thank goodness our idiot governor favors Tulsa, rather than OKC, where there are 2 large universities, and a few other private colleges, as well.

Tulsa will be an R&D center with 375 new jobs planned. I’m still skeptical but they are certainly doubling down on the region.
The WPIX oil building would have been great for the HQ.

Thank goodness our idiot governor favors Tulsa, rather than OKC, where there are 2 large universities, and a few other private colleges, as well.
Meh, show Tulsa some love. OKC’s is fortunate to be able to hold a time while this moron governor we have does everything in his power to screw the state up beyond belief. Quite frankly and I don’t mean this as a knock on Tulsa but imagine if the place didn’t have George Kaiser. Similarly, imagine if OKC had someone like him who did some thing on the same scale. We got close with Aubrey but taken in the perspective I would say that Kaiser did more.

Ugh, it drives me nuts that no company wants to have an HQ here. The lack of a major university presence really hurts us. I wish UTulsa had grown better. ORU is rapidly expanding, but...

The supposed R&D center sounds like a political offering. We'll see how many jobs actually materialize.

I agree. OU, TU and OSU need to improve academic standing

Ugh, it drives me nuts that no company wants to have an HQ here. The lack of a major university presence really hurts us. I wish UTulsa had grown better. ORU is rapidly expanding, but...

The supposed R&D center sounds like a political offering. We'll see how many jobs actually materialize.

I think this has a Wal-Mart connection hence why they are in Bentonville. Tulsa will have the R&D center, Pryor has the factory and OKC has customer service ops. Net win for Oklahoma.

I have always wondered why Oklahoma can never compete for major HQ relocations? What is it that makes Oklahoma so undesirable.? Just this week in DFW we landed a major international headquarters in Plano from Dublin, Ireland setting up their US HQ. A high tech company. Canoo sounds like a fly by night organization and I have my major doubts!! Oklahoma can do way better, however the question is "Does Oklahoma want to do better"?

It really puzzles me. Do the “Oklahoma has a backwards reputation” really have merit? Is Arkansas that more progressive than Oklahoma?

It really puzzles me. Do the “Oklahoma has a backwards reputation” really have merit? Is Arkansas that more progressive than Oklahoma?

I think it has less to do with being progressive (Arkansas is NOT progressive, by any means), and more to do with Oklahoma, at least at the very top, being less willing to market OKC vs Tulsa. Tulsa has its plusses, but they pale in comparison to OKC. Yet you only see the Governor calling for Tulsa to get in on these events. If a company sees that your top leader doesn't see the difference in the 2 cities, then why should they come here? Just my opinion. Sure, OKC has landed stuff under Stitt, but not with any help from him, either. But he is very vocal about getting Tulsa jobs.

I can only recall Stitt pushing for one company to locate their HQ in Tulsa, and that was driven largely by an effort in Tulsa to recruit Tesla (which was never going to happen). I follow Stitt's daily feed on Facebook and get emailed releases, and he promotes and pumps OKC businesses and potential OKC businesses as much or more than Tulsa. He's just not OKC exclusive/focused like some Governor's have been. Like or dislike him on other stuff, I'm not sure if I buy this Tulsa vs OKC marketing criticism. It might be valid, but honestly we aren't aware of 95% of the "marketing" that goes on to businesses.

It should be noted Stitt just got back from a trip to Mexico where he was talking about a potential Consulate in OKC, and meeting with multiple Mexican business leaders about opening HQ's/offices in OKC/Oklahoma.

I have always wondered why Oklahoma can never compete for major HQ relocations? What is it that makes Oklahoma so undesirable.? Just this week in DFW we landed a major international headquarters in Plano from Dublin, Ireland setting up their US HQ. A high tech company. Canoo sounds like a fly by night organization and I have my major doubts!! Oklahoma can do way better, however the question is "Does Oklahoma want to do better"?

I believed it has always had to do with Oklahoma having no nonstop international destinations from its airports and lack of support for education, especially state wide. Raising teacher pay took months and was like pulling hen's teeth. I doubt many well paying companies will want to move to Oklahoma, if they don't expect to find enough well qualified workers. Oklahoma is a great middle of the country location, but so is Texas.

Generally, at the rural county level, Oklahoma sure doesn't want to do better. If it means raising taxes or could end up raising taxes, they want nothing to do with helping to make the state better. Even though it didn't require raising taxes, nearly every rural county, 70 of them, rejected expanded Medicaid. Rural people want to be independent as much as possible from the government and are used to making do with less from the economic level. At least the two biggest urban areas are not as much that way as reflected by OKC's MAPS programs.

Oklahoma hasn't deserved as much for being a backward state since 2018 when alcohol and med marijuana reforms were put into effect..

I think it has less to do with being progressive (Arkansas is NOT progressive, by any means), and more to do with Oklahoma, at least at the very top, being less willing to market OKC vs Tulsa. Tulsa has its plusses, but they pale in comparison to OKC. Yet you only see the Governor calling for Tulsa to get in on these events. If a company sees that your top leader doesn't see the difference in the 2 cities, then why should they come here? Just my opinion. Sure, OKC has landed stuff under Stitt, but not with any help from him, either. But he is very vocal about getting Tulsa jobs.

No need to get into a pissing contest and list off who has what, but pales in comparison is a bit of a stretch.

It makes sense to focus economic development for a particular industry in one area to not dilute efforts. The state is focusing its EV developments in NE OK.

https://www.theverge.com/2021/12/20/22839732/canoo-cto-cofounders-resign-shakeup-leadership-tony-aquila

Canoo with another major c-suite shake up. The computer seems to be having substantial “growing pains.”

We can only hope the state hasn't given them any money yet. But given how happy our governor was for his part of the state to get this win, he probably front-loaded payments to them.

You have to think there is some connection to Wal-Mart. I see them getting off the ground with a partner like that. They want to begin producing in Arkansas in 2022 before they bring the Pryor plant online in 2023.

However, all of the executives that have left over the last several years seem to have automotive industry experience. That is slightly concerning to me. Maybe they saw some writing on the walls?

Start-ups are risky. Most fail.

I've definitely been losing hope for this to turn into anything. Too many big announcements, too many major people leaving, not enough to show for it all. It's weird how many different facilities have been announced all over the place. If they were just proposing the plant in Pryor and the HQ in Bentonville, it would make more sense, but they've made promises for thousands of jobs at this point and don't even have a product off the ground yet as far as I know. I'm not in tune with the EV industry and I know tech firms need to go big fast, but this is ridiculous.

https://insideevs.com/news/555763/canoo-cancels-vdlnedcar-contract-manufacturing/

https://twitter.com/Ben_Geman/status/1491526109304958981

not sure if it means anything...

Canoo is doing some serious hiring in Tulsa.

https://careers-canoo.icims.com/jobs/search?ss=1&searchLocation=12781-12820-Tulsa

I guess that’s a good sign of movement. President Biden refuses to even acknowledge Tesla exists. I wonder if he’ll talk about this company.

looks like you spoke a few hours too late. lol. he actually did acknowledge Tesla, just did it a few hours before your post. lol not saying you should have known that, or that he shouldn't have done it sooner. but literally just read the article about 10 minutes ago myself and then saw your post. lol

https://www.cnbc.com/2022/02/08/biden-acknowledges-teslas-ev-leadership-despite-musks-criticisms.html

looks like you spoke a few hours too late. lol. he actually did acknowledge Tesla, just did it a few hours before your post. lol not saying you should have known that, or that he shouldn't have done it sooner. but literally just read the article about 10 minutes ago myself and then saw your post. lol

https://www.cnbc.com/2022/02/08/biden-acknowledges-teslas-ev-leadership-despite-musks-criticisms.html
Better late than never!

More good news!

https://tulsaworld.com/business/local/canoo-commences-clearing-land-for-plant-at-midamerica-industrial-park/article_542d1fd6-940b-11ec-9d58-e75b607308b2.html

More details on the Canoo contract with Oklahoma. $15 million incentive, the land and agree to purchase 1,000 of the vehicles.

https://www.readfrontier.org/stories/oklahoma-gives-electric-vehicle-manufacturer-15-million-from-states-quick-action-closing-fund/

That's a surprisingly big purchase of EVs by the state, assuming they eventually ever exist to be purchased.

That's a surprisingly big purchase of EVs by the state, assuming they eventually ever exist to be purchased.

lol that was probably part of the bet. the incentives we offered amount to a 50/50 bet they survive. If they do survive, yeah sure we'll buy some.

https://seekingalpha.com/news/3807680-canoo-drops-8-on-q4-earnings-miss

https://finance.yahoo.com/news/canoo-inc-announces-fourth-quarter-214200685.html

More less than exciting news: https://www.autonews.com/executives/canoo-loses-more-executives-ev-startup-hemorrhages-talent?utm_source=MKT_Facebook_INT&utm_medium=social&utm_campaign=PartSum&utm_content=AN_content&fbclid=IwAR270_HIBi0VQ97qt54-mbMxG1R0mwV41UO-OE60GnsI6eXxQIvW-Zd7V40

Who could have foreseen this not exactly being a grand slam? (It seems almost everyone).

Imagine if Oklahoma didn't try for Canoo. The people on here would be bashing them for not getting a company like this. Just amazes me, the hypocrisy.

I’m happy we are trying for Canoo and I am still rooting for them to succeed. It can still be pulled off. Lots of Stitt haters in this state, I don’t the guy, seem to be blasting this on social media and almost hoping it fails. I am not on that train. But everyone knew that there are risks with this. Not sure why at every new development we need to have a “told you so” post when things go a little south.

I’m happy we are trying for Canoo and I am still rooting for them to succeed. It can still be pulled off. Lots of Stitt haters in this state, I don’t the guy, seem to be blasting this on social media and almost hoping it fails. I am not on that train. But everyone knew that there are risks with this. Not sure why at every new development we need to have a “told you so” post when things go a little south.

I'd love for them to succeed too and am hoping with a lot of the recent news that Oklahoma can become a hub of EV manufacturing (and usage?). I'm just saying that when this was first announced there was major bragging from Stitt/state leadership about what a big get this was while the terms of the deal were very mysterious and opaque, and many, many people pointed out that it was a risky investment in a company with a spotty track record. Now a lot of those concerns seem to be coming true in a very predictable manner. Obviously not every effort to lure a company is going to pay off big in the end, but I don't think it's crazy to challenge the Governor's (self-)promotional materials on this when things are rocky at best and it may not end up having been a great investment. Hopefully they can turn things around.

I'd love for them to succeed too and am hoping with a lot of the recent news that Oklahoma can become a hub of EV manufacturing (and usage?). I'm just saying that when this was first announced there was major bragging from Stitt/state leadership about what a big get this was while the terms of the deal were very mysterious and opaque, and many, many people pointed out that it was a risky investment in a company with a spotty track record. Now a lot of those concerns seem to be coming true in a very predictable manner. Obviously not every effort to lure a company is going to pay off big in the end, but I don't think it's crazy to challenge the Governor's (self-)promotional materials on this when things are rocky at best and it may not end up having been a great investment. Hopefully they can turn things around.
True. Hopefully this all pans out for Oklahomas sake. This could be great for the state if it comes to be.

Imagine if Oklahoma didn't try for Canoo. The people on here would be bashing them for not getting a company like this. Just amazes me, the hypocrisy.

I wouldn’t be one of those people. I don’t think a state is working in its best interest when it attempts to bribe a large company to set its headquarters here when it comes at the expense of the residents who have to be burdened with the effects of tax breaks.

I wouldn’t be one of those people. I don’t think a state is working in its best interest when it attempts to bribe a large company to set its headquarters here when it comes at the expense of the residents who have to be burdened with the effects of tax breaks.

Texas in a nutshell. Most residents HATE that they have grown like they have, because their property tax bills are insanely high, to offset companies getting tax breaks. Read the Houston Chronicle's series about the tax breaks and normal residents.

https://www.houstonchronicle.com/projects/2021/unfair-burden-series/

https://upload.wikimedia.org/wikipedia/commons/4/4a/Tulsa_skyline_picture.jpg

This is going to be great boost for Tulsa and the possible Panasonic Plant to be built in Tulsa to supply batteries. You will see Tulsa's city & MSA area increase in population in 2023.

CNHI's story on Canoo:
Oklahoma wants to be the home of electric, hydrogen-fueled vehicles.
https://www.stwnewspress.com/oklahoma/oklahoma-wants-to-be-the-home-of-electric-hydrogen-fueled-vehicles/article_5b4bdbae-929c-54a7-a9ce-8b9d2a5d44ce.html

More less than exciting news: https://www.autonews.com/executives/canoo-loses-more-executives-ev-startup-hemorrhages-talent?utm_source=MKT_Facebook_INT&utm_medium=social&utm_campaign=PartSum&utm_content=AN_content&fbclid=IwAR270_HIBi0VQ97qt54-mbMxG1R0mwV41UO-OE60GnsI6eXxQIvW-Zd7V40

For the record this broke back in middle February.

News that's more current. Stitt breaks record for corporate welfare. First it was sporting teams now everybody thinks the state/locality needs to pay "juice". 15M to be exact.

Looking at those proposed vehicles I would hate to be in a head on collision if I was in the front seat.

https://www.newson6.com/story/621ff00d5f5f4d7ab878d0f0/oklahoma-to-pay-electric-car-company-canoo-15m-to-build-manufacturing-plant

hell yeah go Stitt

This is what the state is working to promote and why Canoo (and Panasonic) are important. There will likely only be a handful of these industry clusters around the country.

All this is part of what CEO Tony Aquila calls the transformation of U.S. 412 in Arkansas and Oklahoma into a “center of electric vehicle research, development and manufacturing power.”

https://www.armoneyandpolitics.com/canoo-plans-to-make-nwa-part-of-research-manufacturing-hub/

Until and unless laws are passed (which likely won't happen) outlawing all states from offering incentives to companies, the incentive game is alive and well and it's not going away. They've been around for decades and, despite articles to the contrary, they work - otherwise, incentives wouldn't be so popular.

Incentives are nothing more than an investment. Texas is making a virtually risk-free $1 billion investment in Tesla, Kansas is offering a $1 billion virtually risk-free investment in Panasonic while OK is making a highly risky investment, perhaps $300 million, in Canoo. The return is a property tax bonanza and tax revenue increases from new residents, new housing, ancillary businesses, etc. Think of Tesla as blue-chip while Canoo is a penny stock.

The answer isn't to complain about incentives, but to ensure the incentive money is going to the lowest-risk, "best investment."

I don’t know the details of the state incentives for Panasonic but I imagine they will be similar or better than what KS offers. It makes sense to locate in OK as it is closer to the Tesla Gigafactory as well as future EV manufacturing in NE OK.

Commerce Dept showing off some vehicles

https://www.instagram.com/p/CbiGIKduZyq/

Motor Trend has a comprehensive article about the company and vehicles:

https://www.motortrend.com/news/canoo-lifestyle-van-pickup-forward-control-electric-vehicle/

So apparently Canoo is involved in a NASA moon mission now…

NASA's Artemis mission to the moon will start in a Canoo


https://www.foxnews.com/auto/nasas-artemis-mission-moon-canoo


Explore the Fox News apps that are right for you at http://www.foxnews.com/apps-products/index.html. (http://www.foxnews.com/apps-products/index.html)

Pushed back opening date by a year to 2023.

https://www.readfrontier.org/stories/oklahomas-big-bet-on-an-electric-vehicle-startup/

I can't edit for some reason but it should be 2024 not 2023 (Thanks GreenCounty!)

Not related to Canoo but EV manufacturing in Oklahoma: Navistar is building its first generation electric IC buses at its Tulsa plant

EV startup Canoo sues major investor over sketchy share sales (https://techcrunch.com/2022/05/10/ev-startup-canoo-sues-major-investor-over-sketchy-share-sales/?tpcc=tcplustwitter)


Electric vehicle startup Canoo has filed suit against one of its largest shareholders, demanding that the firm pay back more than $61 million in “short-swing profits.”

The short-swing profit rule states that company insiders, like large shareholders, must return profits realized from buying and selling securities within a period of six months. Canoo alleges that the firm, DD Global Holdings, wrongfully benefited from its recent share sales, according to a complaint filed in federal court in Manhattan on Monday. Bloomberg was the first to report.

This thing is going under. Cheap credit evaporated with the Fed raising rates and that's that

https://techcrunch.com/2022/05/10/canoo-warns-it-may-not-have-enough-funds-to-bring-evs-to-market/

This thing is going under. Cheap credit evaporated with the Fed raising rates and that's that

https://techcrunch.com/2022/05/10/canoo-warns-it-may-not-have-enough-funds-to-bring-evs-to-market/

It sounds like they will have $300 million in capital coming this week?

"That PIPE investment appears to have not yet been realized. Canoo said during a call with investors Tuesday that it expected a $300 million private investment in public equity (PIPE) related to its merger to go through this week, and the company has filed a $300 million universal shelf. That $600 million is necessary to make it to start of production, Canoo CEO Tony Aquila said."