EV manufacturer Canoo to create huge facility in OKC

Canoo, an electric vehicle manufacturer which had already announced a facility in Pryor, today announced they will be creating a 630,000 square-foot production and training facility in Oklahoma City that will employ 500 to start, with the ability to greatly expand capacity and employment on a 120-acre property.


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It's not stated in the release, but sources have told OKCTalk that the facility will be on the site of the old Terex plant near I-40 and Morgan Road in far west OKC.


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Press release:

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Canoo to Acquire Vehicle Manufacturing Facility in Oklahoma City

Justin, TX – (November 9, 2022) – Canoo (NASDAQ: GOEV), a leading high-tech advanced mobility company has entered into an agreement to acquire a Vehicle Manufacturing Facility in Oklahoma City. Strategically located with easy access to road and rail, the facility will produce Canoo’s LDV and LV vehicles for delivery to customers in 2023. With a dedicated training center, Canoo’s Vehicle Manufacturing Facility will employ more than 500 people and be equipped to ramp to a 20,000 unit annual run rate by the end of 2023, with additional capacity to scale on the 120+ acre site.

“Today we are excited to announce our manufacturing facility, which begins our path to scaled production in 2023 and delivers on our plan to bring high-paying light-blue color jobs to Oklahoma. The Oklahoma City facility has significant room for expansion and is a proven location for large scale production, with an established transportation ecosystem, including rail” said Tony Aquila, Chairman and CEO at Canoo. “We are working with our third-party manufacturing partners to achieve SOP on our own equipment this month. Following these initial builds, we will aggressively shift all our equipment into our new facility during 1H’23 with production ramp in 2H’23.”

Canoo considered multiple potential sites before selecting the location in Oklahoma City. An existing commercial site with more than 630,000 square feet of move-in ready space and significant room for further expansion, the facility will be adapted for Canoo and outfitted to accommodate a full vehicle assembly line with state-of-the-art robotics, a paint shop and upfitting center. As with Canoo’s other facilities in Pryor Oklahoma, the Vehicle Manufacturing Facility will be powered with clean energy. When fully renovated, the Facility will align with Canoo’s vision for sustainable, nature-centric campuses.

Canoo has focused on Oklahoma and Arkansas as Electric Vehicle (EV) anchor economy states. In addition to Canoo’s Oklahoma City Vehicle Manufacturing Facility, the company recently announced a Battery Module Manufacturing Facility and its MegaMicro Factory, a 400-acre campus at MidAmerica Industrial Park, a 9,000-acre industrial complex strategically located near some of the nation’s most highly traveled thoroughfares. The MegaMicro Factory will include a full commercialization facility with a paint, body shop and general assembly plant. It will be a significant investment in the state and will employ more than 2,000 when fully operational.


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 teams in California, Texas, Oklahoma, Arkansas and Michigan.


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Note the one image -- although likely Photoshopped -- features the OKC Whitewater Facility and our skyline.

Canoe meet Canoo.

Outstanding! Now let's OK get that Panasonic facility, too!

So are they moving into the Terex building or are they going to build? the rendering looks like they will build a new facility?

So are they moving into the Terex building or are they going to build? the rendering looks like they will build a new facility?

As the press release states, they will be using the existing building.

They may expand later; plenty of room to do so.

What's the status of the facility in Pryor?

Note the one image -- although likely Photoshopped -- features the OKC Whitewater Facility and our skyline.

They have a bunch of images of their vehicle taken from a few different spots within the Whitewater facility, so I'm not entirely convinced it's photoshop: https://www.press.canoo.com/lifestyle-vehicle/

Wait there’s no on site rail access. Unless they’re just referring to the two tracks that run north and south of the site

Edit: Never mind. I was skimming and didn’t see the “nearby”

Yea the vehicle is definitely not photoshopped in, there is even shots of the interior with the whitewater facility and the skyline that you can see through the windows.

This is fantastic news! Glad OKC is getting in on the EV stuff.

I’m still hesitant-yet-hopeful about Canoo but this is a great addition if everything comes together for them.

I think the Walmart contract for delivery vehicles is a good sign. If that goes well and Walmart continues to order them, then Canoo will stay in business.

What's the status of the facility in Pryor?

yes...i am confused, (easily done) i thought this was suppose to be built in Tulsa a couple years ago?

yes...i am confused, (easily done) i thought this was suppose to be built in Tulsa a couple years ago?

Pryor.

Looks like Oklahoma will land two Canoo facilities, one in each of the two metro areas of our state. If this comes to fruition; Oklahoma two largest metro areas will have plants.

Tulsa will also have an EV battery plant that could supply the two Canoo manufacturing facilities.

Their stock is up 32% today.

Take it with a grain of salt. It was only 6 months ago they self reported "substantial doubt" on their viability. Now I do hope they are successfull and able to put money into the General Fund and employ residents. Just saying don't count your chickens or quit your job.

Yea the vehicle is definitely not photoshopped in, there is even shots of the interior with the whYitewater facility and the skyline that you can see through the windows.

This is fantastic news! Glad OKC is getting in on the EV stuff.

Yeah, they have had at prototype/demo vehicles in public for a few years now, so at this point it is not that much more difficult to bring one of those to the location to shoot and should give better results.

Take it with a grain of salt. It was only 6 months ago they self reported "substantial doubt" on their viability. Now I do hope they are successfull and able to put money into the General Fund and employ residents. Just saying don't count your chickens or quit your job.

Would be nice if they are able to start putting out some cars, but i won’t necessarily hold my breath in this economy. The forward price of the lithium and rare earth minerals, in the batteries, makes oil look cheap af in comparison imo.

https://www.statista.com/chart/amp/28037/lithium-carbonate-price-timeline/

Would be nice if they are able to start putting out some cars, but i won’t necessarily hold my breath in this economy. The forward price of the lithium and rare earth minerals, in the batteries, makes oil look cheap af in comparison imo.

https://www.statista.com/chart/amp/28037/lithium-carbonate-price-timeline/
I’ve heard there is a possibly of a massive lithium deposit under the Salton Sea in SoCal. If it’s so and they could extract it that would be a boon to the EV industry IMO.

Canoo to get $1 million in incentives from the city.

Canoo to get $1 million in incentives from the city.

Oklahoma City’s Economic Development Trust voted Tuesday to send a request to provide $1 million in incentives for electric vehicle start-up Canoo to the city council. No money is to be paid until 550 jobs are created over the next three years which makes this an incentives based performance agreement.

It looks like Canoo is putting in a bid for a contract with the US Army. Would be cool if they win it.

https://www.motorauthority.com/news/1138009_canoo-delivers-electric-truck-for-us-army-evaluation

It would be. I think if they can win an Army contract it could be the final thing they need to jump start production and get on the path to becoming profitable.
I've been tossing some fun money at Canoo stock so who knows, in 10 years it may actually be worth something.

Here’s another article on it: https://www.caranddriver.com/news/a42124449/canoo-electric-pickup-united-states-army/?utm_source=facebook&utm_medium=news_tab

Another article from Teslarati: https://www.teslarati.com/canoo-delivers-first-units-u-s-army/

Slides from a presentation given to City Council on Tuesday:

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Spotted a Canoo vehicle driving around downtown today. 17901

Spotted a Canoo vehicle driving around downtown today. 17901

Saw it going west on Britton Road about 3PM today. Went to the restaurants out by the Lake Hefner lighthouse.

Just checked the stock price and it's at .71 cents right now. I toss some of my throw away money at the stock once a month or so.

Have they even begun hiring or tooling up? I seriously doubt this ever come to fruition. Too bad. I might have bought one.

Just checked the stock price and it's at .71 cents right now. I toss some of my throw away money at the stock once a month or so.
Throw away money about sums it up.
17909

Have not see ANY activity at the old TEREX plant. Their quarterly financial investor conference call on March 7th should be VERY interesting.

Will OKCTalk have a story when they start hiring? I would love to get back into manufacturing. Worked for Terex for 3 years before they went to Mexico. Now, I work at Amazon.

Throw away money about sums it up.
17909

The EV supply chain is pretty rough right now due to current events. Honestly, it may not be a bad entry point as long as you are comfortable with the risk. I would need to look into the company more, but if they books are good it actually might be a worthwhile investment.

I was thinking about buying 1000 stocks. Investing 740.00. Long-term investment.

The EV supply chain is pretty rough right now due to current events. Honestly, it may not be a bad entry point as long as you are comfortable with the risk. I would need to look into the company more, but if they books are good it actually might be a worthwhile investment.

If the company’s books were good, I doubt they’d be issuing equity: https://www.cnbc.com/amp/2023/02/06/canoo-goev-shares-stock-offering.html

I was thinking about buying 1000 stocks. Investing 740.00. Long-term investment.

They might be out of time before you see a return. This outfit is burning through cash with nothing on the horizon to earn any. Contracts with Wally World and DoD mean nada if you aren't making vehicles.
Why Buying This EV Stock Could Be a Huge Mistake | The Motley Fool
https://www.fool.com/investing/2023/03/05/why-buying-this-ev-stock-could-be-a-huge-mistake/

I was thinking about buying 1000 stocks. Investing 740.00. Long-term investment.

Give me the $750 and in 6 months I'll give you $300 of it back. You'll thank me.

Nah, let's turn Canoo into the next Game Stop! Hold the line!

The EV supply chain is pretty rough right now due to current events. Honestly, it may not be a bad entry point as long as you are comfortable with the risk. I would need to look into the company more, but if they books are good it actually might be a worthwhile investment.

Oof, down 23.5% since that screenshot. :eek:

We’ll see Patrick Mahomes playing in OKC before we ever see a Canoo vehicle roll out of the Terex facility.

Oof, down 23.5% since that screenshot. :eek:

That would be why I used the word IF

We’ll see Patrick Mahomes playing in OKC before we ever see a Canoo vehicle roll out of the Terex facility.

Likely true. Wide spread Off putting social politics doesnt help., watching VW do the same really really won’t help., not speaking of all people but the loudest voices are just that. why can’t we just be a moderate not off putting more inviting place.

Likely true. Wide spread Off putting social politics doesnt help., watching VW do the same really really won’t help., not speaking of all people but the loudest voices are just that. why can’t we just be a moderate not off putting more inviting place.

Fron what I read Kansas, Texas, Arkansas, Louisiana and all the other red states south of the Mason-Dixon are passing the same type laws. Oklahoma isn't really any worse.

Likely true. Wide spread Off putting social politics doesnt help., watching VW do the same really really won’t help., not speaking of all people but the loudest voices are just that. why can’t we just be a moderate not off putting more inviting place.

You seriously think South Carolina is any less Red than Oklahoma?

You seriously think South Carolina is any less Red than Oklahoma?

i mean just looking at the 2020 election results map will tell you they are much less red. they actually have numerous blue areas

You seriously think South Carolina is any less Red than Oklahoma?

Well I live in edmond but I visit South Carolina in down town Charleston I didn’t see a person over 35 so pretty blue but yeah once you get on James island or mount pleasant yeah probably pretty red. As for Columbia idk never been.

i mean just looking at the 2020 election results map will tell you they are much less red. they actually have numerous blue areas

Upon further examination this^. All I’m saying is the way oklahoma has been making the news ain’t gonna get those big juicy jobs in our towns.,if we want those jobs we need to moderate quite a bit and present our state /selves as more inclusive because Greg treat and Kevin Stitt ain’t it. And I’d bet a yuengling that canoo doesn’t work out. I hope I’m wrong. Not to mention VW denied us. Says a lot

Upon further examination this^. All I’m saying is the way oklahoma has been making the news ain’t gonna get those big juicy jobs in our towns.,if we want those jobs we need to moderate quite a bit and present our state /selves as more inclusive because Greg treat and Kevin Stitt ain’t it. And I’d bet a yuengling that canoo doesn’t work out. I hope I’m wrong. Not to mention VW denied us. Says a lot
It’s not about red or blue, it’s about educated or ignorant…skilled or untrained. Oklahomans have to quit comparing themselves to other Oklahomans and learn to compete against the rest of the nation and in a more competitive world.

That would be why I used the word IF

Lol guess their books aren't good.

This doesn’t look good: https://www.nwahomepage.com/news/canoo-lays-off-bentonville-employees-nwa-plans-take-a-detour/?utm_source=facebook&utm_medium=news_tab

This doesn’t look good: https://www.nwahomepage.com/news/canoo-lays-off-bentonville-employees-nwa-plans-take-a-detour/?utm_source=facebook&utm_medium=news_tab

Oklahoma's economic development efforts have become farcical at this point. A lot of magical thinking and misplaced priorities -- and yes, off-putting national headlines.

This doesn’t look good: https://www.nwahomepage.com/news/canoo-lays-off-bentonville-employees-nwa-plans-take-a-detour/?utm_source=facebook&utm_medium=news_tab

Great for OKC if it ever gets built.

Oklahoma's economic development efforts have become farcical at this point. A lot of magical thinking and misplaced priorities -- and yes, off-putting national headlines.

Canoo’s layoff of 13 people in NWA and seemingly inevitable failure has nothing to do with Oklahoma’s economic development efforts. Some of you just want to place blame on the state for everything. I’m shocked someone hasn’t blamed the state for SVB’s collapse yet.

We’ll see Patrick Mahomes playing in OKC before we ever see a Canoo vehicle roll out of the Terex facility.

So you're saying there's a chance.....

It’s not about red or blue, it’s about educated or ignorant…skilled or untrained. Oklahomans have to quit comparing themselves to other Oklahomans and learn to compete against the rest of the nation and in a more competitive world.

One of the best posts I've read here.

Oklahoma's economic development efforts have become farcical at this point. A lot of magical thinking and misplaced priorities -- and yes, off-putting national headlines.

Yet if Oklahoma didn't get this, you'd bash them.

This doesn’t look good: https://www.nwahomepage.com/news/canoo-lays-off-bentonville-employees-nwa-plans-take-a-detour/?utm_source=facebook&utm_medium=news_tab

yet also in the article: "Canoo is now focused on hitting production at plants in Oklahoma City and Pryor, OK."

I think all these state/local governments, legacy auto manufacturers, and investors are going feel real stupid in about 3 more years. Ford lost $2 billion on the electric car dreams and are expecting to lose $3 billion next year. Wall Street is already pressuring them to sell off their EV development, but who would buy it knowing it is losing that much money.