Canoo Inc. (NASDAQ: GOEV) stock surged by 7.06% in the after-hours trading session.Canoo’s objective is to make electric vehicles accessible to everyone. The firm has created ground-breaking electric cars that are redefining the automotive landscape with striking design innovations, cutting-edge technology, and a one-of-a-kind business model that covers the vehicle’s entire lifespan.
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GOEV stock’ Update
Canoo and VDL Groep revealed that they are exploring potential collaboration options. About this, the CEO of the company, Tony Aquila said that they commend VDL Nedcar’s months of work in providing them with a contract manufacturing alternative. However, they have determined that investing in towns and states that are investing in hi-tech production with them, producing American jobs and innovation, is more compatible with their goal and present emphasis. On several fronts, Oklahoma and Arkansas’ assistance will enable them to reach SOP sooner and with less risk. While they decided not to proceed with VDL Nedcar, we did come to the conclusion that VDL Groep and the van der Leegte family are the individuals with whom they want to explore a long-term collaboration as they assess the perfect way and timeframe to grow Canoo into Europe with little risk and to reap the benefits of advanced manufacturing technologies.
Willem van der Leegte, President & CEO commented that,
They’re excited to continue working with Tony and the Canoo group as they pursue new prospects together. Electric vehicles, in their opinion, are a huge economic driver. They’re excited to invest in Canoo and expect a long and fruitful partnership.
Moreover,
The firms have stopped talking about contract manufacturing, which will make it easier for Canoo to take advantage of the Oklahoma and Arkansas incentives. VDL Nedcar will also refund Canoo’s $30.4 million USD / €25 million EURO deposit. VDL Groep will buy Canoo stock for $8.4 million USD / €7.5 million EURO to highlight the new alliance.