Canoo

[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...

[FighttheGoodFight]

Kia is making a pickup that looks a lot like a Canoo https://www.thedrive.com/news/kia-pv...electric-truck

[shavethewhales]

^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.

[citywokchinesefood]

^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.

[Pete]

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.

[jn1780]

It was probably mentioned somewhere in the thread, but what does the State intend to use the 1,000 electric vans for?

[Pete]

I like the way their vehicles look.

Can't wait to see one out in the wild.

[Urbanized]

Pretty sure I got a glimpse of one of the state vehicles in downtown yesterday or the day before. It was more than a block away and going a different direction, so it was only a flash, but they’re pretty unusual from a form factor standpoint, and not sure what else it might have been if not a Canoo.

[FighttheGoodFight]

It was probably mentioned somewhere in the thread, but what does the State intend to use the 1,000 electric vans for?

They go to OMES. What they are used for? "OMES Executive Director John Suter. "We look forward to evaluating these new assets and the role they can play in modernizing Oklahoma's vehicle use." "

[jn1780]

They go to OMES. What they are used for? "OMES Executive Director John Suter. "We look forward to evaluating these new assets and the role they can play in modernizing Oklahoma's vehicle use." "

Makes sense so probably anything from IT vehicles to logistics.

[Snowman]

Makes sense so probably anything from IT vehicles to logistics.

One of the components of OMES is the state motor pool, basically anything but state police have an OMES livery on it. They get distributed around to other state agencies, where are parked and get checked out to their staff when they have a need for one.

[Midtowner]

I like the way their vehicles look.

Can't wait to see one out in the wild.

Saw one driving on I-40 out by their OKC plant back in December.

It was larger than I had imagined.

[FighttheGoodFight]

One of the components of OMES is the state motor pool, basically anything but state police have an OMES livery on it. They get distributed around to other state agencies, where are parked and get checked out to their staff when they have a need for one.

Didn't Stitt talk about getting rid of the large Oklahoma state vehicle we have? Something like 7000 underutilized because of low mileage use. These electric ones would be better for low mileage use since they need less maintenance and range.

[catcherinthewry]

Didn't Stitt talk about getting rid of the large Oklahoma state vehicle we have? Something like 7000 underutilized because of low mileage use. These electric ones would be better for low mileage use since they need less maintenance and range.

Let's hope he doesn't give one to his wife.

[therhett17]

Canoo Reaches Agreement with U.S. Postal Service for Purchase of Electric Vehicles

https://www.press.canoo.com/press-re...ctric-vehicles

[jn1780]

Canoo Reaches Agreement with U.S. Postal Service for Purchase of Electric Vehicles

https://www.press.canoo.com/press-re...ctric-vehicles

Hopefully the USPS purchases more if it works out. 6 is a pretty is a pretty low number.

[citywokchinesefood]

Hopefully the USPS purchases more if it works out. 6 is a pretty is a pretty low number.

It is very normal for a test run. They will be able to test the vehicles out on different routes and conditions and see if they can meet their performance demands. What starts out as a small order for testing could become a multi year contract to produce 20,000 fleet vehicles for USPS.

[TheTravellers]

It is very normal for a test run. They will be able to test the vehicles out on different routes and conditions and see if they can meet their performance demands. What starts out as a small order for testing could become a multi year contract to produce 20,000 fleet vehicles for USPS.

This should've been done a loooooong time ago, perfect use for EVs - short runs during the day, recharge at night. But DeJoy......

[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.

[Pete]

https://www.nwaonline.com/news/2024/...ll-advise-ceo/

2/8/24

Electric vehicle-maker Canoo Inc. said Wednesday its president is stepping down and will now serve as an advisor to the company's CEO.

The company with manufacturing operations in Oklahoma said Wednesday in a release that its President Josette Sheeran and Rainer Schmueckle both resigned from Canoo's board of directors. Sheeran was named president in July 2021.

"I look forward to continuing working with Josette in her new role as strategic advisor to the CEO. Josette was instrumental in the re-founding of Canoo, our government partnerships such as with the State of Oklahoma, and our selection by NASA to provide the Crew Transportation Vehicles for the Artemis launches," Canoo's Chief Executive Officer and Executive Chairman Tony Aquila said in a release.

Deborah Diaz, former chief technology officer at NASA and chief information officer for science and technology at the U.S. Department of Homeland Security will join the board, along with James Chena, shareholder at the law firm of Babst, Calland, Clements and Zomnir in the firm's transportation technology and energy practice, according to a release.

Canoo has yet to post a profitable quarter or meaningful revenue as it tries to bring its vehicles to market at scale.

[Pete]

[Ginkasa]

Buy the dip!

(this comment is satirical and does not constitute actual financial advice)

[BillBennett]

Walmart will keep them alive. Vehicles all over NW Arkansas with Walmart logos attached.

[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.