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Canoo, an EV (electric vehicle) company, has been dealt another blow with eight further executives and senior employees departing the organisation as they struggle to meet their 2022 production goals. Naturally 2023 poses to be far more challenging as rare earth materials grow in cost.

Despite this Canoo continues to fight and recently announced they're new partnership with Formula E. Canoo is set to operate as a marshal vehicle at the upcoming race in Diriyah, Saudi Arabia.

On December 1st 2022, Canoo (NASDAQ: GOEV), a renowned provider of advanced mobility technology, conveyed its Light Tactical Vehicle (LTV) to the United States Army in order to meet the requirements of their contract awarded in July 2022.

When Tony Aquila, CEO of Canoo, declared his ambition near the end of last year: to produce and deliver 15 cars, a few of which would be for their considerable corporate partner Walmart, however they were unable to reach the target.

Image: Canoo

November 9th of 2022, Canoo (NASDAQ: GOEV), a leader in high-tech mobility solutions, has announced the acquisition of a Vehicle Manufacturing Facility in Oklahoma City. Boasting easy access to roads and raillines, this establishment will be responsible for creating LDV and LV vehicles for consumer delivery in the following years. The facility will also host a training center with an estimated 500 personnel to meet production demands of up to 20,000 units per annum by 2023. Thanks to its sizeable 120+ acre plot, it can expand as necessary.

Image: Canoo

“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 collar 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.” Source Canoo

Canoo to Acquire Vehicle Manufacturing Facility in Oklahoma City
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