Canoo

[Paule4ou]

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.

[Rover]

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.

[Paule4ou]

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!

[jackirons]

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."

[Pete]

[Pete]

First Canoo EV rolls off the OKC assembly line

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

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.

[OkieBerto]

First Canoo EV rolls off the OKC assembly line

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

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.

The first photo with the white Canoo Van was definitely shot at the thadenschool.org in Bentonville, Arkansas. Thought that was interesting.

[fortpatches]

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

[Urbanized]

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.

[David]

The first of many, here's hoping.

[Laramie]

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

[HOT ROD]

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!

[borchard]

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

[citywokchinesefood]

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

[5alive]

Haha...had to look up "poggers"

[Pete]

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.

[citywokchinesefood]

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.

[Jeremy Martin]

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

[citywokchinesefood]

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.

[shavethewhales]

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.

[shavethewhales]

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...city-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...

[mikeareese]

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...city-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...

Doesn't look good at .1573 a share. Not sure how long they will stay afloat.

[shavethewhales]

Doesn't look good at .1573 a share. Not sure how long they will stay afloat.

I'm not sure how much longer they'll stay afloat either, but the stock price being in the pennies isn't itself a marker of the company's longevity. There are many, many penny stocks out there representing companies that stick around for decades. Canoo will perform a reverse split later this year that will bring it's share price back over a dollar. This will be shorted down immediately, as is almost always the case with reverse splits, but the company will be able to keep selling shares and stay afloat. Now that they have some revenue coming in, they'll start to look better, but posting a profit is a long ways off.

The stock is still being played by penny investors, so there are periodic strong rises followed by sharp drops.

[citywokchinesefood]

I'm not sure how much longer they'll stay afloat either, but the stock price being in the pennies isn't itself a marker of the company's longevity. There are many, many penny stocks out there representing companies that stick around for decades. Canoo will perform a reverse split later this year that will bring it's share price back over a dollar. This will be shorted down immediately, as is almost always the case with reverse splits, but the company will be able to keep selling shares and stay afloat. Now that they have some revenue coming in, they'll start to look better, but posting a profit is a long ways off.

The stock is still being played by penny investors, so there are periodic strong rises followed by sharp drops.

They are going to perform up to a 30:1 stock buyback to correct the share price and stay listed. This year is a massive make or break year for them. if production starts to ramp up they may be able to thread the needle. It genuinely just comes down to are they going to make enough cars this year or not.

[Rover]

They are going to perform up to a 30:1 stock buyback to correct the share price and stay listed. This year is a massive make or break year for them. if production starts to ramp up they may be able to thread the needle. It genuinely just comes down to are they going to make enough cars this year or not.

Stock buyback?