Canoo

[Jersey Boss]

Is there any source for how much money and other assets state and local governments have sunk into this rat hole?

[Pete]

that last sentence by Pete is another story

Chinese EV makers have already captured 11% of the EV market in Europe.

That's nothing short of astounding, considering that continent is home to a bunch of legendary carmakers that have been around for 100 years. We can argue about tariffs all day long but the Chinese (and especially BYD) are already cranking out some really nice cars.

If you watched any of Euro 2024 you saw the BYD advertising everywhere at the various German stadiums.

[Jeremy Martin]

I really wanted a homegrown manufacturer to work out and this seen further and further away from becoming a reality. Maybe one of the larger companies will buy the design and equipment they purchased for pennies and make the LV/LDV. I'll hang onto my shares and go down with the ship.

[Pete]

Is there any source for how much money and other assets state and local governments have sunk into this rat hole?

Almost all the incentives are tied to job creation and they've already missed two deadlines and thus lost out on millions. As you can see by the terms outlined below, it's hard to believe they will ever quality for much:

The new Quick Action Closing Fund agreement with Canoo, which overrides the previous ones, offers up to $7.5 million in exchange for creating 1,362 new jobs with an average wage of $60,512 and a capital investment of $321.6 million by Canoo over a period of 10 years. The agreement would provide Canoo with $1 million if it creates 100 jobs this year.

Canoo can also receive up to $40 million from the state’s Quality Jobs Program over a period of 10 years. The deal is subject to the company generating $2.5 million in new gross taxable payroll within three years on jobs that pay at least $40,472 a year and at least 340 full-time jobs with average salary of $60,512.

https://www.readfrontier.org/stories...-fell-through/

[TheTravellers]

Chinese EV makers have already captured 11% of the EV market in Europe.

That's nothing short of astounding, considering that continent is home to a bunch of legendary carmakers that have been around for 100 years. We can argue about tariffs all day long but the Chinese (and especially BYD) are already cranking out some really nice cars.

If you watched any of Euro 2024 you saw the BYD advertising everywhere at the various German stadiums.

The 2025 MINI EV is built in China (up until then, it was Germany and England).

[Jeepnokc]

I really wanted a homegrown manufacturer to work out and this seen further and further away from becoming a reality. Maybe one of the larger companies will buy the design and equipment they purchased for pennies and make the LV/LDV. I'll hang onto my shares and go down with the ship.

I looked at my shares today and decided the same thing.

[WileyPostage]

From The Verge:

"EV startup Canoo has lost co-founder and chief technology officer Sohel Merchant and is moving its operations out of Los Angeles, according to two reports from TechCrunch this week, citing unnamed sources."

Full article: https://www.theverge.com/2024/8/24/2...rchant-founder

[bison34]

OKC failed to get their hq (not that it will matter much, long-term).

https://www.dallasnews.com/business/...o-north-texas/

[FighttheGoodFight]

OKC failed to get their hq (not that it will matter much, long-term).

https://www.dallasnews.com/business/...o-north-texas/

How they are still afloat at 1.42 a share is beyond me.

[Pete]

The reason they were in Torrance is because it's the auto design capital of North America.

Their current offices in Justin, TX (north of Ft. Worth) are in a converted strip mall.

Says a lot about their current reality.

[jn1780]

OKC failed to get their hq (not that it will matter much, long-term).

https://www.dallasnews.com/business/...o-north-texas/

Well, they may end up in a tent in OKC before its all said and done.

[Pete]

Press release:

**********

Canoo to Expand Presence in Central U.S. with Engineering Talent and Headquarters Relocation
September 5, 2024

Canoo, a high-tech advanced mobility company, recently announced plans to migrate its engineering workforce to its two Oklahoma locations – Oklahoma City and Pryor – as well as plans to relocate its corporate headquarters to northern Texas. Canoo estimates these efforts will bring $15 million in new taxes for the engineering relocations and headquarters, with an expected $150 million in new tax base over the next 10 years.

The engineer migration will result in approximately 137 engineering positions being relocated to Texas and Oklahoma with approximately 75% in Oklahoma. Existing Canoo engineers have been offered relocations packages. At this time, the company does not have official numbers of workforce relocations and anticipates relocations to begin in the fourth quarter of 2024.

The company cited one of the benefits of the move as co-locating engineering and manufacturing within the company’s vehicle manufacturing facility in Oklahoma City. Canoo currently occupies nearly 500,000 square feet with the ability to rapidly expand. The company is proud to offer their customers products made in America and to continue investing in a state that supports diverse businesses and promotes workforce diversity.

Canoo’s vehicles are currently on the road with USPS, Walmart, NASA, and other large commercial, government and fleet customers. The company states their design-forward innovative electric cargo vehicles are reinventing the commercial vehicle landscape. The vehicles modular electric platform is purpose-built to maximize the vehicle interior space and is customizable to support a wide range of business and government applications.

[jedicurt]

i can say that i drive by the Canoo facility every day for work, and for some reason starting this morning, the parking lot for employees is much more full than i have ever seen it before

[josefromtulsa]

Whenever companies make decisions based on tax credits than you know things arent good. Like the crypto companies that make more money from energy credits (basically not running their miners at peak electricity usage) as opposed to the actual mining itself

[OkieBerto]

I guess we will start seeing these out in the wild in OKC now?

"Canoo continues its partnership with Oklahoma State University and University of Oklahoma, driving innovation and fostering the next generation of engineers!

Through this ongoing collaboration, students will be working on real-world technical projects directly tied to vehicle production-ranging from mechanical design to Al-enabled multidisciplinary projects and geothermal heat pump applications. These initiatives are scoped to serve as Bachelor of Engineering capstones or Masters/ PhD thesis projects, equipping students with hands-on industry experience and preparing them for successful careers.

At Canoo, we're not just bringing jobs to Oklahoma; we're also creating pathways for growth and opportunity. Together, we're shaping the future of mobility and empowering the engineers of tomorrow!"

[Pete]

^

They still are only building a very small number of vehicles.

They can't afford mass production because they'll really start losing money at that point.

[OkieBerto]

^

They still are only building a very small number of vehicles.

They can't afford mass production because they'll really start losing money at that point.

I see a Cyber Truck or Rivian every other day. I have yet to see a Canoo and that says a lot. I even saw a Polstar before seeing a Canoo out in the wild. Ha!

[PhiAlpha]

I see a Cyber Truck or Rivian every other day. I have yet to see a Canoo and that says a lot. I even saw a Polstar before seeing a Canoo out in the wild. Ha!

Used to see one every day up at the State offices Nextdoor to The Presley. That’s the only one though.

[josefromtulsa]

Used to see one every day up at the State offices Nextdoor to The Presley. That’s the only one though.

I see them up and down Lincoln every so often. Saw on yesterday heading to the Health Authority.

[HOT ROD]

have to start somewhere. Good news for OKC and the state nonetheless.