Tag: Canoo

  • Canoo To Build Battery Manufacturing Facility In Oklahoma

    Canoo To Build Battery Manufacturing Facility In Oklahoma

    Electric vehicle startup Canoo Inc said on Wednesday it would build a battery manufacturing facility at Pryor in Oklahoma with a capacity of 3,200 Megawatt hours production.

    The company’s Pryor facility will make proprietary battery modules, energy management system and thermal control technology, CEO and Chairman Tony Aquila said.

    Canoo added it will be the first electric vehicle company to produce battery modules using hydro-power from the Grand River Dam Authority.

    The company’s new battery manufacturing facility will be in the same industrial park as its future “MegaMicro” factory, Canoo said.

    Canoo last year announced Panasonic Holdings Corp, which also supplies battery cells to Tesla Inc, will be its provider for manufacturing battery packs.

    The EV startup, which is set to report third-quarter results on Nov. 9, had access to about $250 million in capital at the end of the second quarter.

  • Canoo Outsource Production Of Electric Vans For Walmart

    Canoo Outsource Production Of Electric Vans For Walmart

    Canoo has outsourced the production of its electric vans which it has been developing for Walmart. It announced this in its Q2 financial results filing. Its CEO Tony Aquila announced that it didn’t have the immediate capability to manufacture the vans itself so in the meanwhile an unspecific contractor till the end of the year. Originally, it said it will be shifting production facility in Bentonville where Walmart is also situated. Canoo has an order of 4,500 electric vans from the retail giant.

    Walmart also has an option of ordering up to 10,000 cars. Canoo already had a contract manufacturing deal with Dutch company VDL Nedcar but it backed out of the deal in late 2021 as it believed it could start production of the LifeStyle car.

    Aquila says that deliveries to Walmart are on track to begin in the first quarter of 2023. Canoo’s success is predicated on the completion of this agreement.

    “We have entered into an agreement with Walmart Inc. for the purchase of electric vehicles and expect that, at least initially, Walmart Inc. will be our largest customer. If we are unable to maintain this relationship, or if Walmart purchases significantly fewer vehicles than we currently anticipate or none at all, our business, prospects, financial condition, results of operations, and cash flows could be materially and adversely affected,” said Tony Aquila.

    Canoo is burning through its cash reserves quite rapidly. It has posted a net loss of $164.4 million for this quarter. It posted $289.8 million in the first half of the year.

  • Canoo Reveals Renders Of Manufacturing Campus In Oklahoma, USA

    Canoo Reveals Renders Of Manufacturing Campus In Oklahoma, USA

    Canoo, the electric car startup which went public recently via a SPAC merger has shared renders of its manufacturing campus that will be built in Oklahoma. Canoo calls it the mega micro-factory and it is scheduled to be opened up in 2023. In the Tulsa region, it is expected to create more than 2000 jobs. Canoo recently lost both its co-founders, with one, Ulrich Kranz, who led the development of BMW’s i3 and i8 electric cars and then moved to Faraday Future has joined Apple. In fact, Canoo was of great interest to Apple with the company interested in its skateboard. But Apple being Apple wanted to acquire Canoo while the team at Canoo wanted to retain its independence.

    “Oklahoma has always been a pioneer in the energy industry, and this partnership with Canoo shows that our state is an innovation leader in electric vehicle technology,” said Governor Stitt.

    “We are thrilled to partner with Canoo and Chairman & CEO Tony Aquila to provide high-paying jobs for Oklahomans and position America as the global leader for vehicle manufacturing for decades to come,” he added.

    It is developing an all-purpose delivery van and a modular pickup truck. It has a 400-acre campus which will be Tulsa. In a tweet, Canoo shared a 55-second video showcasing the concept design of the campus that it will start building soon.

    As per the tweet, it is right now in a design phase and remains on track to be up by 2023. It expects the facility to be over 1 million square feet. It plans on beginning production and delivery of its first vehicles by Q4 2022 with the help of a third-party manufacturer.

    “We invested millions of dollars to find the right location for our manufacturing facility. We’re proud to be American-made and to bring more than 2,000 jobs to Oklahoma,” said Tony Aquila, Investor, Chairman & CEO, Canoo, Inc.