They better come up with some money quick. They have about 30 days worth on-hand.

They better come up with some money quick. They have about 30 days worth on-hand.
I wonder how much of the $150 million in “on and off balance sheet financing” is credit lines they can tap into.

I wonder how much of the $150 million in “on and off balance sheet financing” is credit lines they can tap into.

I don't know but they said they only $6.5 million in cash and cash equivalents. Even if they had the full $150 million they are losing about $100 million a quarter. The Motley Fool had an article yesterday saying they didn't have enough money to last thru the end of the year.

https://www.fool.com/investing/2023/05/16/why-canoo-stock-popped-22-early-today/

From the article: "Canoo ended Q1 with only $6.7 million in cash and will require additional funds to invest in R&D, start production, and even run its day-to-day operations. Heck, Canoo just said its existing cash is "not sufficient to support planned operations for the next 12 months." I wouldn't touch such a stock with a 10-foot pole, no matter how promising its goals."

I think Canoo’s partnerships with Walmart and nasa will pull them through this but in general I think things are going to be fairly difficult for anyone manufacturing electric cars for the next 5-10 years. Toyota’s put out several pretty good and logical articles about why they aren’t jumping in both feet first into the electric market and are sticking to gasoline and hybrid powered cars for awhile. Tesla got the first mover advantage and it’s going to be tough for others to catch-up until the market and infrastructure start maturing.

The biggest challenge for EV-only manufacturers is that their main source of revenue, selling their carbon offset credits, isn't needed anymore.

The biggest challenge for EV-only manufacturers is that their main source of revenue, selling their carbon offset credits, isn't needed anymore.

From a financial perspective that’s an issue for sure but I think lack of current market and infrastructure is a bigger one. If you’re selling tons of your cars at a profit, the carbon credits don’t matter as much anymore. Everyone is trying to force this stuff over the chasm with the flip of a switch and it just isn’t there yet. I have some major concerns about raw material availability for batteries as well and if feels like everyone pushing EVs is either oblivious to that or acting conveniently unaware. China and a bunch of countries that we aren’t getting along with all that well currently have a ton of the supply and while we do have some resources of our own here…the federal government has been making moves to restrict mining in some key areas. If China cuts us off at some point due to geopolitical conflict, it’s going to be a massive problem. I think people have a lack of understanding of the battery raw material sourcing/mining process and it has a strong possibility of ending up volatile similar to oil and gas if we don’t start sourcing/mining more of it here or in countries not controlled by China and other non-allies.

Tesla is struggling right now with the loss of their carbon-selling business. Raise prices to increase revenue and sales drop off significantly, lower prices to gain market share and Wall Street flips out.

Tesla is struggling right now with the loss of their carbon-selling business. Raise prices to increase revenue and sales drop off significantly, lower prices to gain market share and Wall Street flips out.

I guess my point is…manufacturers don’t need credits currently to be profitable selling gasoline and hybrid vehicles. If the market growing/maturing as fast as people want us to believe it is and infrastructure was in place to handle the growth…they wouldn’t need the credits to be profitable.

I guess my point is…manufacturers don’t need credits currently to be profitable selling gasoline and hybrid vehicles. If the market growing/maturing as fast as people want us to believe it is and infrastructure was in place to handle the growth…they wouldn’t need the credits to be profitable.

I agree. Ford uses their EV division carbon-credits to off-set the penality for only making SUVs, and uses the high profit margins on the SUVs to subsidize the EV division. EV-only can't do that. Ford can't do it forever either.

Back to Canoo, they said they will produce 20,000 cars by the end of the year, and it is mid-May now and they don't have any place to make their first car yet.

Canoo is set to report their 2nd quarter financials on 8/14.

Last quarter:


The Texas-based company warned investors in May that it might not be able to meet its financial obligations, saying it had access to $600 million in funding but added it had "substantial doubt" about continuing as a going concern.

I just looked at the YTD performances of some EV stocks (not completely apples to apples). Canoo is down 83% over the past full year :(
-Tesla > +106.09%
-Rivian > +37.06%
-Lucid > -3.07%
-Canoo > -50.98%

Their building permit for the plant in far west OKC was finalized and issued.

I'll have to get out there and see if there has been any movement. I suspect they'll address that facility in their 8/14 filing.


They do have a bunch of jobs posted in OKC:

https://www.indeed.com/q-canoo-l-oklahoma-city,-ok-jobs.html?vjk=c9d5c11d47222907

I just looked at the YTD performances of some EV stocks (not completely apples to apples). Canoo is down 83% over the past full year :(
-Tesla > +106.09%
-Rivian > +37.06%
-Lucid > -3.07%
-Canoo > -50.98%

Oof, that’s not great. If they can actually build these things though they’ll have a strong market waiting for them, especially with the tax break on domestically made EVs

I just looked at the YTD performances of some EV stocks (not completely apples to apples). Canoo is down 83% over the past full year :(
-Tesla > +106.09%
-Rivian > +37.06%
-Lucid > -3.07%
-Canoo > -50.98%

Really means nothing when your stock is less than $5 and has been for a very long time. There's a reason people like what's called "Penny Stocks" because they have large fluctuations and you can make a lot of money really fast or lose a ton fast. It doesn't take a lot of money to be pulled out of Canoo for the stock price to drop that much percentage wise and also wouldn't take much of an investment to get it up that much either. Especially when the market cap is only $350 million too.

Lucid has a $15+ billion market cap and closest to size to Canoo out of those, so like saying not apples to apples is not even close it's like comparing an apple to the moon and cutting an apple in half and trying to make a comparison to it. Nikola (little over $1 billion market cap) or others are still not apples to apples but could at least draw somewhat of a closer comparison to make it worth looking at. Nikola is down 67.91% over the past 12 months.

Really means nothing when your stock is less than $5 and has been for a very long time. There's a reason people like what's called "Penny Stocks" because they have large fluctuations and you can make a lot of money really fast or lose a ton fast. It doesn't take a lot of money to be pulled out of Canoo for the stock price to drop that much percentage wise and also wouldn't take much of an investment to get it up that much either. Especially when the market cap is only $350 million too.

Lucid has a $15+ billion market cap and closest to size to Canoo out of those, so like saying not apples to apples is not even close it's like comparing an apple to the moon and cutting an apple in half and trying to make a comparison to it. Nikola (little over $1 billion market cap) or others are still not apples to apples but could at least draw somewhat of a closer comparison to make it worth looking at. Nikola is down 67.91% over the past 12 months.

Nikola is not a great comparison either. Their founder was convicted of fraud.

And yes, those aren't similar companies in terms of market cap. I was simply comparing EV stocks. To say it's struggling is an understatement. It was trading at over $20 at one point. I hope they turn it around.

Nikola is not a great comparison either. Their founder was convicted of fraud.

And yes, those aren't similar companies in terms of market cap. I was simply comparing EV stocks. To say it's struggling is an understatement. It was trading at over $20 at one point. I hope they turn it around.

The fraud issue with the past CEO is not relevant to Nikola today, it is still trying to be a legit company and could eventually be one still - similar to Canoo (Canoo has had it's share of sketchy financial issues too as most start-ups do lets be honest). Just saying market cap is far better to compare when it's a small company. $3.5 million pulling out of Canoo stock isn't a lot of money but would be 1.0% of all stock. If someone pulled 1.0% out of Lucid they'd be pulling out a $150 million investment. That would be pretty shocking for Lucid because that's institutional investment type dollars, for Canoo no - a small hedge fund or really rich individual could come up with that if they wanted a really risky investment they thought could pay off and they don't care if they lost it. So it's just not even in the same solar system let alone not close to "not quiet apples to apples" is all I'm saying.

If there were other small cap EV or Alt Energy Car Companies with stocks going up 100%+ and Canoo was the only one down 50% or so - sure could be a relevant metric to discuss and look at what the issues could be or whether there was something immediately dire to Canoo going on.

Really means nothing when your stock is less than $5 and has been for a very long time. There's a reason people like what's called "Penny Stocks" because they have large fluctuations and you can make a lot of money really fast or lose a ton fast. It doesn't take a lot of money to be pulled out of Canoo for the stock price to drop that much percentage wise and also wouldn't take much of an investment to get it up that much either. Especially when the market cap is only $350 million too.

Lucid has a $15+ billion market cap and closest to size to Canoo out of those, so like saying not apples to apples is not even close it's like comparing an apple to the moon and cutting an apple in half and trying to make a comparison to it. Nikola (little over $1 billion market cap) or others are still not apples to apples but could at least draw somewhat of a closer comparison to make it worth looking at. Nikola is down 67.91% over the past 12 months.

What you say is true, but it is also true there apparently isn’t much appetite for buying from risk investors. They aren’t confident enough of its ability to survive to take a risk. If there was confidence in leadership, etc., even a modest amount of buying would boost prices. As you rightly point out, it doesn’t take much. So, there apparently isn’t much demand. Even in penny stocks you don’t just ignore risk. No one in their right mind just blindly invests.

What you say is true, but it is also true there apparently isn’t much appetite for buying from risk investors. They aren’t confident enough of its ability to survive to take a risk. If there was confidence in leadership, etc., even a modest amount of buying would boost prices. As you rightly point out, it doesn’t take much. So, there apparently isn’t much demand. Even in penny stocks you don’t just ignore risk. No one in their right mind just blindly invests.

I personally probably wouldn't throw even $5 at Canoo stock. I don't like investing in that area, only one I've ever had luck with was Transocean and made a good amount of money off of that, buying it on the verge of bankruptcy and it's not over $7/8. A lot of the small cap EV/Alt Energy car companies are being hammered because of interest rates. Even the large ones like Lucid, Rivian, etc. rely on financing and inflows of capital to scale up and it is even difficult for them to make a likely route to profitability. Tesla only was able to do it because capital was so cheap for so long and they benefited from government tax credits. That's why you're seeing significant stock selloff from the smaller cap companies like Canoo - let alone all the management/other issues internally with Canoo. Any type of start up that is bleeding tons of cash and relied on cheap money 2 years ago for that past decade has had a very rude awakening in the past 48 months as rates went up and cost of capital is easily 3x what it was. There's a reason you don't see many new car companies ever, it's incredibly capital intensive and takes a long-term to ever get to a profitable scale/size and then if you make it there you're fighting against legacy companies that have immense branding power in the minds of consumers.

Canoo I bet will go bankrupt, question is will it get liquidated and stop existing or will someone like Walmart, etc. pull it out of bankruptcy and keep trying.

I think they are positioning themselves for a takeover, so profitability is not a huge concern. Keep building the business infrastructure and hope someone bigger buys them out as a "turnkey" expansion.

Canoo is set to report their 2nd quarter financials on 8/14.

Last quarter:

Canoo fined 1.5m by SEC on their claimed revenue projections.

https://www.msn.com/en-xl/money/topstories/us-fines-canoo-1-5-million-over-revenue-projection-reporting/ar-AA1eOtpt

The financial call Monday afternoon should tell us a lot. The Whisper #’s are interesting to say the least.

I drove by the I-40 Morgan Rd facility the other day and the parking lot had a lot of vehicles in it.

The Terex signs are still up and I can't see any signs of construction.

HTTP://www.okctalk.com/images/pete/canoo081123b.jpg


HTTP://www.okctalk.com/images/pete/canoo081123a.jpg

https://investors.canoo.com/news-presentations/press-releases/detail/109/canoo-inc-announces-second-quarter-2023-results

https://investors.canoo.com/news-presentations/press-releases/detail/109/canoo-inc-announces-second-quarter-2023-results

"Our facilities are nearing substantial completion as we've achieved a 20,000 unit run rate for our battery module line in Pryor and robotics and assembly line in Oklahoma City for our MPP1 platform."

Weird that they haven't taken the old sign down at least, but it does look like there's activity at the building?

The report shows that they are running out of cash, and as a beaten-down penny stock in a rising interest environment it's going to be hard for them to fundraise continuously. There are many famous examples of big companies burning cash for years, but that happened under specific circumstances that Canoo will probably not enjoy at this point. They better start selling a serious number of cars quickly.

Weird that they haven't taken the old sign down at least, but it does look like there's activity at the building?

The report shows that they are running out of cash, and as a beaten-down penny stock in a rising interest environment it's going to be hard for them to fundraise continuously. There are many famous examples of big companies burning cash for years, but that happened under specific circumstances that Canoo will probably not enjoy at this point. They better start selling a serious number of cars quickly.

With Wal-Mart as a partner and customer, it's not the selling that's the issue, it's the building they need to worry about. But it's looking more positive based on what Pete posted. The modular platform is a great idea if they can pull it off.

I keep tossing some throw away money at the stock. I figure I have a better chance of the stock price going up than winning the lottery so that's where my lotto money is going.

The photo below shows the assembly line in OKC being readied for production. They have a lot of the robotic equipment on site and as I posted upthread, they have a bunch of job postings for this plant.

******
http://www.okctalk.com/images/pete/canoo081523a.jpg

Canoo’s EV projects get incentive-laden financial boost (https://journalrecord.com/2023/08/14/canoos-ev-projects-get-incentive-laden-financial-boost/)
By: Jeff Elkins//The Journal Record//August 14, 2023

OKLAHOMA CITY – Electric vehicle startup Canoo’s contracts securing workforce and economic development incentives with the state and Cherokee Nation are finalized.

The company on Monday announced it has signed agreements on incentives for its vehicle assembly facility in Oklahoma City and a battery module manufacturing plant in Pryor with a combined value of up to $113 million for 10 years.

The agreements require the company to meet job creation and investment targets. Oklahoma Department of Commerce Communications Director Becky Samples said the inventive packages are performance-based, meaning the company doesn’t receive any money from the state until “certain agreed-upon thresholds are met.”

According to the contract, provisions include Canoo’s employment of at least 100 new direct jobs with an average annual wage of at least $60,512 by Jan. 1, 2024, before it receives $1 million. Canoo will be paid $2 million with cumulative employment of at least 350 new direct jobs.

An additional $4.5 million will be paid when Canoo reaches 850 jobs; however, that is contingent on appropriation of the funds by the end of the 2024 legislative session. If additional funds are not appropriated by the end of the session, then the provision for payment will not be enforceable, and payment from the fund will be invalid and cannot occur.

If Canoo were unable to maintain at least 80% of the applicable job level for 18 months after receiving payment, or if the level were to fall below that threshold within 18 months, the company would be obligated to pay all incentives received back to the state and ODOC.

According to the Oklahoma Quality Jobs Program Act contract, a three-year period during which Canoo must generate a minimum annual new payroll of $2.5 million in gross taxable wages will commence at the start of the calendar quarter for which the first incentive claim must be filed with Oklahoma Tax Commission.

The maximum payable benefit under the terms of the OQJPA contract during the 10-year period is $40 million.

Canoo will be required to repay all incentive payments received under the OQJPA if it’s determined by the Oklahoma Tax Commission to no longer have business operations in the state within three years from the beginning of the calendar quarter that the first incentive payment claim is filed.

Canoo Vice President Chris Moore said locating the facility and plant in Oklahoma is a “valuable opportunity” for the company and a chance to be a part of the state’s growth history.

Canoo entered a lease agreement for the close to 500,000-square-foot assembly facility in April.

Moore declined to give a timeline on when production of vehicles will start. He said they’re currently installing equipment and “turning everything on.”

“We’ve made some of the improvements that need to be done at both sites,” Moore said. “We’re focused right now on manufacturing readiness and getting those facilities up and running and ready to operate and getting our workers in and trained and ready.”

Moore said an update on the start of production will come in “the near future.”

According to a Monday release, Canoo looks to play a role in contributing to the broader strategy shared by state leaders, the Cherokee Nation and MidAmerican Industrial Park to grow the local automotive sector and to attract new clean energy technology investment.

Canoo signed on-the-job training agreements with the Cherokee Nation. Under these agreements, the Cherokee Nation will work with Canoo to identify workers within the tribe’s reservation to staff the battery module manufacturing facility in Pryor.

Brandon Scott, vice president of enterprise communications for Cherokee Nation Businesses, said the on-the-job contract between the Cherokee Nation and a business provides that the tribe reimburse the business up to 50% of a participant’s wages during the training period, for up to six months.

Canoo CEO Tony Aquila said the finalization of the agreements is the result of a multi-year effort that enables the company to hire more than 1,300 Oklahomans and bring new industry to the state.

“We’re grateful for the warm reception we’ve received, and we look forward to further building upon our relationships with state and local government and tribal leaders to realize their vision for Oklahoma,” Aquila said in a statement Monday.

I keep tossing some throw away money at the stock. I figure I have a better chance of the stock price going up than winning the lottery so that's where my lotto money is going.

I decided to do so as well today after the latest news. I've mostly been pessimistic about this company up to this point but maybe signs are pointing up, and having a financial stake in an EV company with a significant Oklahoma presence appeals to me.

CANOO INC.

 

NOTICE OF SPECIAL MEETING OF STOCKHOLDERS

 

To Be Held On October 5, 2023


1.


To approve an amendment to our Second Amended and Restated Certificate of Incorporation, as amended (the “Charter”) to increase the number of authorized shares our Common Stock (the “Share Authorization Proposal”).




(shares of authorized common Stock from 1,000,000,000 to 2,000,000,000)


2.


To approve, pursuant to Nasdaq Rule 5635, the issuance of shares of the Company’s common stock (i) upon the conversion of certain convertible debentures that have been issued to YA II PN, Ltd. (“Yorkville”) pursuant to (a) our Securities Purchase Agreement entered into Yorkville on April 24, 2023 (the “April SPA”), (b) our Securities Purchase Agreement entered into with Yorkville on June 30, 2023 (the “June SPA”), and (c) our Securities Purchase Agreement entered into with Yorkville on August 2, 2023 (the “August SPA”), (ii) upon the exercise of warrants issued pursuant to the June SPA and the August SPA, and (iii) if Yorkville chooses to exercise one or both options to purchase additional convertible debentures and warrants under the June SPA and the August SPA, respectively, pursuant to the conversion of such convertible debentures and/or upon the exercise of such warrants that may be issued upon exercise of one or both options, in excess of 20% of the number of shares outstanding on April 24, 2023 (the “Yorkville Share Issuance Proposal”).



(Consequences of Non-Approval

As previously disclosed, as of June 30, 2023, the Company concluded that there was substantial doubt about its ability to continue to operate as a going concern for the 12 months following the issuance of its consolidated financial statements. The ability of the Company to continue as a going concern is dependent upon the Company’s ability to access additional sources of capital, including, but not limited to equity and/or debt financings and government loans or grants. If the Company is unable to raise additional capital, the Company may have to significantly delay, scale back or discontinue the development or commercialization of its product and/or consider a sale or other strategic transaction.


If we do not receive the Yorkville Share Issuance Approval, this will restrict our ability to sell shares of Common Stock to Yorkville, which Yorkville provides us with a reliable source of capital for general corporate purposes, unless we are able to sell shares to Yorkville at a price per share greater than the applicable Minimum Price under the Applicable Yorkville Agreements. Additionally, Yorkville can exercise (i) the June Option within 5 trading days and (ii) the August Option within 20 trading days, in each case following the date we receive stockholder approval for this Proposal 2 at the Special Meeting. Failure to approve this Proposal 2 may affect Yorkville’s decision of whether it will exercise one or both Options.)


3.


To approve an amendment to the Pre-Paid Advance Agreement dated July 20, 2022, as amended and supplemented from time to time, with Yorkville to lower the minimum floor price at which shares of Common Stock may be sold by us to $0.10 per share (the “Yorkville Floor Price Proposal”).



(minimum floor price from $0.50 to $0.10; in Jan., this was amended from $1.00 to $0.50)


4.


To approve a proposal to adjourn the Special Meeting to a later date or dates, if necessary or appropriate, to permit further solicitation and vote of proxies in the event that there are insufficient votes for, or otherwise in connection with, one or more of the other proposals to be voted on at the Special Meeting (the “Adjournment Proposal”).

I decided to do so as well today after the latest news. I've mostly been pessimistic about this company up to this point but maybe signs are pointing up, and having a financial stake in an EV company with a significant Oklahoma presence appeals to me.

I YOLO'D in at $.43/share for $1000. Worst case scenario I am out 1k boohoo, best case they actually start making vehicles and we see a nice roi to throw at fun money.

They have just recently put a big 'CANOO' sign up at the facility.

^

They put a small sign on the building and used printed tarps to cover the old Terex sign:

HTTP://www.okctalk.com/images/pete/canoo101723b.jpg

I got to sit in one of their vehicles last month at a conference in Vegas. Pretty cool and had some good features. Hopefully, their issues are resolved and they start producing cars.

They got some much needed capital recently and should finally be revenue positive soon. Earnings call next week will be telling for sure. Hearing they will actually have full production units coming off the line in OKC soon.

They got some much needed capital recently and should finally be revenue positive soon. Earnings call next week will be telling for sure. Hearing they will actually have full production units coming off the line in OKC soon.

They will not be revenue positive for a very llllllllllloooooooooonnnnnnnnnnnggggggggggg time. They may be cash positive in the very short term with new infusions, but it won't be from net earned revenue.

Their stock is currently at around $0.27 and down 78% YTD. I hope they can turn things around.

From the Motley Fool:
"The cash needs are huge, too. Canoo estimates that it will need to spend between $70 million and $100 million in the second half of 2023. But at the end of Q2, it only had $5 million of cash on its balance sheet. However, management pointed out that: "After giving effect to the issuance and sale of the second and third Yorkville convertible debentures for a total of $53.2 million, and proceeds from the August PIPE of $3 million, our cash balance would have been $61.2 million on June 30, 2023."

Management also just announced that it entered into a convertible preferred stock sale worth $45 million with another company. That agreement could end up raising as much as $150 million in cash over time. These are important steps for Canoo, but investors need to step back and consider the implications."

They will not be revenue positive for a very llllllllllloooooooooonnnnnnnnnnnggggggggggg time. They may be cash positive in the very short term with new infusions, but it won't be from net earned revenue.

Ya, my statement wasn’t technically correct. They did say on their last call they would actually start to GENERATE revenue in the next quarter but indeed, they’ve got one helluva hole to dig out from. Hope they make it!

http://www.okctalk.com/images/pete/canoo110423a.jpg


http://www.okctalk.com/images/pete/canoo110423b.jpg

First Canoo EV rolls off the OKC assembly line

Start-up Canoo has produced its first electronic vehicle at the new Oklahoma City plant.


HTTP://www.okctalk.com/images/pete/canoo111623a.jpg


Earlier this year, an LLC affiliated with the company acquired the 630,000 square foot manufacturing facility and surrounding land at I-40 and Morgan Road, formerly operated by Terex.

The first assembled vehicles were on display this week and the OKC plant continues to hire, with 120 employees expected by the end of the year with a goal of 700 as production ramps up.

Canoo has a contract with the State of Oklahoma for 1,000 vehicles and Walmart for 4,500.

The company is also building a battery plant near Pryor and has several performance-based state incentives with a combined value of $113 million.



HTTP://www.okctalk.com/images/pete/canoo111623b.jpg


HTTP://www.okctalk.com/images/pete/canoo111623bb.jpg


HTTP://www.okctalk.com/images/pete/canoo111623c.jpg


HTTP://www.okctalk.com/images/pete/canoo111623d.jpg

Pleasantly surprised that it continues to show progress. I know it’s likely still far from a guaranteed success, but clearly someone is working very hard to make this business a reality.

The first of many, here's hoping.

First Canoo EV rolls off the OKC assembly line

Start-up Canoo has produced its first electronic vehicle at the new Oklahoma City plant.


HTTP://www.okctalk.com/images/pete/canoo111623a.jpg


Earlier this year, an LLC affiliated with the company acquired the 630,000 square foot manufacturing facility and surrounding land at I-40 and Morgan Road, formerly operated by Terex.

The first assembled vehicles were on display this week and the OKC plant continues to hire, with 120 employees expected by the end of the year with a goal of 700 as production ramps up.

Canoo has a contract with the State of Oklahoma for 1,000 vehicles and Walmart for 4,500.

The company is also building a battery plant near Pryor and has several performance-based state incentives with a combined value of $113 million.



HTTP://www.okctalk.com/images/pete/canoo111623b.jpg


HTTP://www.okctalk.com/images/pete/canoo111623bb.jpg


HTTP://www.okctalk.com/images/pete/canoo111623c.jpg


HTTP://www.okctalk.com/images/pete/canoo111623d.jpg


The first photo with the white Canoo Van was definitely shot at the thadenschool.org (https://www.thadenschool.org/) in Bentonville, Arkansas. Thought that was interesting.

18465

I mean, Walmart buying 4500 cars, the Walton-funded private highschool.... there is a link.. haha

Good news for Oklahoma City, a plant in operation with employees in the hiring process.

Very good, very nice. Give Rivian a run for their money!

What if Canoo could get a Fed Ex and/or UPS contract? What if it could convert the US mail fleet? The potential market(s) is amazing, wishing them the best!

I think this is great news. Good luck to Canoo.

If Canoo gets government contracts for batteries and vehicles it would be pretty poggers.

Haha...had to look up "poggers"

Canoo delivers first electric vehicles to state
By: Jeff Elkins//The Journal Record//January 2, 2024//

OKLAHOMA CITY – Canoo continues to progress through its first phase of production, with a focus on fleets before entering the consumer market.

The first batch of an order of up to 1,000 electric vehicles has been delivered to the state. At a combined cost of nearly $120,000, the three Lifestyle Delivery Vehicles are the first of their kind in the state fleet, with one each assigned to the Office of Management and Enterprise Services, the Department of Transportation and the Department of Corrections.

According to a release, the three LDV 130 vehicles delivered to the State of Oklahoma are the first commercial automobiles built in-state since 2006 and the first to come out of Canoo’s new 630,000-square-foot assembly facility in Oklahoma City.

Paired with the company’s battery module manufacturing plant in Pryor, Canoo has established its roots in Oklahoma, and company leadership expects their presence to open the door for further economic development and employment opportunities for Oklahomans.

Canoo leadership said they had close to 120 employees in November. Tony Aquila, chairman and CEO of Canoo, said the pay range for the early phase is $18-26 an hour, with the opportunity to enter the $30 range depending on an employee’s training and ability. He said the company is proud to bring motor vehicle manufacturing back to Oklahoma and create high-paying jobs.

“Our innovative LDV 130 delivery vehicles will work for Oklahomans and help state agencies improve fleet efficiency. Our vehicles are perfect for how the state uses vehicles today, and our advanced telematics and lower overall cost of ownership will continue to pay dividends down the road,” Aquila said in a statement last month.

During a tour of the facility in November, Aquila said he wanted to focus on fleets in the first phase of production because selling to consumers means dispersing their product across the nation.

“I look at the U.S. as 50 countries under a flag and a currency, so there’s different laws, different rules, and so what we concentrated on were fleets, so that we could get thousands of orders with good bankable credit, so we can build those units,” Aquila said.

Aquila said one of the biggest problems with entering the consumer market first is complications with interiors and their testing. The first production phase also involves the refining of their infrastructure. He said their fleet-first strategy contrasts other automakers in the electric vehicle market.

Oklahoma Lt. Gov. Matt Pinnell said Oklahoma is a hub for the creation of new and innovative technologies, and Canoo is a leader in electric vehicle development.

“Beyond innovation, Canoo is creating over 1,300 jobs in Oklahoma, marking a significant economic impact for the state,” Pinnell said in a statement. “I look forward to our continued partnership and am excited to welcome these new vehicles to the state.”

Gov. Kevin Stitt said as the state finds new efficiencies within their vehicle fleet, Canoo’s electric automobiles align with state modernization goals.

According to the December release, fleet modernization is one of Stitt’s current top initiatives to realize efficiencies across the state.

After Stitt’s executive order in May, OMES Fleet Management has worked closely with agencies to identify underutilized vehicles, downsize the state’s overall fleet and explore ways to advance central fleet operations. In 2023, agencies have voluntarily turned in 917 vehicles that have been auctioned through State Surplus, saving Oklahoma taxpayers an estimated $11.7 million.

John Suter, state COO and executive director of OMES, said its progress allows them to reinvest money into future-focused, cost-effective vehicle options.

Canoo has a ton of potential. The question is can they fund the growth they need. I really like the product and am very minorly invested into it. I hope for the best, but I would not be surprised if they are delisted in March and bankrupt before 2025.

Every couple of weeks buy $20 worth of stock. If they do well in the future I could put a few grand in my pocket. If not, I won't be devastated. I do hope they do well and can bring some larger scale manufacturing back to OK

I think it's pretty cool that they made it to some real production, although delivering three vehicles is a slow start. Curious how much is being done at the new plant vs. all the outsourcing they were doing. Haven't kept up with them that much, but it seems like they are hanging on against the odds. We'll see if they make it through the year though.

Every couple of weeks buy $20 worth of stock. If they do well in the future I could put a few grand in my pocket. If not, I won't be devastated. I do hope they do well and can bring some larger scale manufacturing back to OK

I have averaged down from my initial purchase at ~$.45/ share to $.25/share. I think we are going to see a reverse split in the next couple of months. I want them to succeed but it is going to be a rough year for the company.

The stock price is currently on a rip right now on news that Canoo acquired some equipment at a deep discount and will use it to continue expanding the Oklahoma plant. https://www.marketscreener.com/quote/stock/CANOO-INC-57291647/news/Canoo-Inc-Acquires-Manufacturing-Assets-to-Increase-Vehicle-Assembly-Capacity-45691988/

That may not be the only reason. Since they've started delivering vehicles they seem to have turned a few heads. As previously stated, it's just a few vehicles so far and still a lot to prove, but they have made it to production so that's something...

Kia is making a pickup that looks a lot like a Canoo https://www.thedrive.com/news/kia-pv5-pickup-concept-could-be-a-35000-electric-truck

^Not just a truck, but also vans eventually too. They basically copied and improved Canoo, lol. That is one reason why canoo stock is falling back again today as much as it ripped yesterday. If Kia is serious, they will be able to outdo Canoo easily. We'll see though - no stopping Canoo's valiant effort at this point. One way or another they are going to produce at least a few vehicles.

^Not just a truck, but also vans eventually too. They basically copied and improved Canoo, lol. That is one reason why canoo stock is falling back again today as much as it ripped yesterday. If Kia is serious, they will be able to outdo Canoo easily. We'll see though - no stopping Canoo's valiant effort at this point. One way or another they are going to produce at least a few vehicles.

This would require Tony to become a shrewd operator, which is... unlikely. Canoo has a very interesting product, but they have to get it to market. I think we are going to likely go to zero following this reverse split. Its sad, but I hope they may be able to thread the needle on production and make it to 2025.

http://www.okctalk.com/images/pete/canoo011224a.jpg

Canoo reports progress in ramping up production in state
By: Journal Record Staff//January 10, 2024//

OKLAHOMA CITY – Electric vehicle startup company Canoo reported continuing progress this week in creating jobs as it ramps up activity at plants in Oklahoma City and Pryor to fulfill commitments on delivery of some 18,000 ordered EVs.

The company, which intends to produce battery modules at an assembly facility in Pryor and ready-for-the-road vehicles at a 630,000-square-foot facility in OKC, turned out its first EVs late last year, one at a time. Recently, it delivered the first three of up to 1,000 EVs ordered by the State of Oklahoma. Retail giant Walmart has shown interest in 4,500 Canoo EVs; even the U.S. may acquire highly versatile Canoo EV trucks, the company has previously reported.

Canoo reported this week that it has created over 100 new jobs in the state and achieved a key hiring milestone: Oklahoma is now home to 20% of its total workforce.


“With our manufacturing hub established in Oklahoma, we are able to build our team by bringing onboard the dedicated and hard-working people of Oklahoma who have experience in manufacturing,” Canoo Executive Chairman and CEO Tony Aquila said. “We are creating high-paying jobs and building a world-class manufacturing team that will play a critical role in the revenue-generating phase of our growth.”

As the company scales manufacturing to make additional customer deliveries in 2024, Aquila said it will continue to add workers both in Oklahoma City and Pryor.

“The company is growing its team across Oklahoma to scale manufacturing and meet customer deliveries of 18,000 committed orders representing $750 million in revenue over multiple years,” the release noted.


The company recently acquired additional manufacturing assets to increase its EV assembly capacity, it added.

Canoo’s Oklahoma City manufacturing workforce earns annual wages about 37% above the local average for similar roles in the metro area. With about 30 open positions in the state, the company is continuing to build its workforce with the help and support of partners, including Express Employment Professionals, Canadian Valley Technology Center, Atlas School, the Oklahoma Department of Commerce, the Cherokee Nation, and Pawnee Nation.

Native Americans and military veterans make up about 10% of Canoo’s workforce in the state, it said.

Canoo also has teams in California, Texas and Michigan.