Canoo

[Pete]

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.

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.

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.

[Pete]

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

[Bowser214]

Canoe meet Canoo.

[mugofbeer]

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

[sgt. pepper]

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

[Pete]

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.

[AnguisHerba]

What's the status of the facility in Pryor?

[baralheia]

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/

[josefromtulsa]

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”

[Anonymous.]

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.

[Mississippi Blues]

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

[FighttheGoodFight]

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.

[sgt. pepper]

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?

[Bellaboo]

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

Pryor.

[Laramie]

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.

[runOKC]

Their stock is up 32% today.

[Jersey Boss]

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.

[Snowman]

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.

[April in the Plaza]

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/2...rice-timeline/

[Plutonic Panda]

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/2...rice-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.

[Pete]

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

[Laramie]

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.

[Plutonic Panda]

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/...rmy-evaluation

[Jeremy Martin]

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.

[Plutonic Panda]

Here’s another article on it: https://www.caranddriver.com/news/a4...edium=news_tab