At the time of the most recent check in early trades Thursday, Canoo Inc. (NASDAQ: GOEV) shares were up 10.98% to trade at $1.30 in the open market as the top high-tech advanced mobility business entered an acquisition bid.
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What has GOEV been purchasing?
An agreement has been made for Canoo (GOEV) to purchase an Oklahoma City vehicle manufacturing facility. The plant, which is well situated with quick access to both rail and roads, will manufacture Canoo’s LDV and LV vehicles for customer delivery in 2023. The GOEV Vehicle Manufacturing Facility will include a dedicated training facility, more than 500 employees, and the potential to expand on the 120+ acre site to ramp up to a 20,000-unit annual run rate by the end of 2023.
The opening of the manufacturing plant marks the beginning of GOEV’s route to scaled production in 2023 and the realization of its goal to create in Oklahoma high-paying light-blue colored employment. The plant in Oklahoma City offers plenty of opportunity for growth, is a tested site for large-scale manufacturing, and has a developed transportation infrastructure, including rail. To reach SOP on its own equipment this month, Canoo is collaborating with its third-party manufacturing partners. After completing these preliminary projects, GOEV will quickly move all of its equipment into the new building during the first half of 23 before ramping up production in the second half of 23.
Canoo looked at a number of prospective locations before deciding on Oklahoma City. The building will be modified for Canoo and configured to support a full car assembly line with cutting-edge robotics, a paint shop, and an upfitting center. It is an existing commercial site with more than 630,000 square feet of move-in ready space and ample capacity for additional development. The Vehicle Manufacturing Facility will be fueled by sustainable energy, just like Canoo’s other plants in Pryor, Oklahoma. The Facility will be in line with Canoo’s goal of creating sustainable, natural campuses once its renovations are complete.
What has GOEV been concentrating on?
Canoo (GOEV) has concentrated on Arkansas and Oklahoma as states with strong electric vehicle (EV) industries. GOEV 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 close to some of the country’s busiest thoroughfares. These facilities join the company’s Oklahoma City Vehicle Manufacturing Facility. A complete commercialization facility including paint, body shop, and general assembly factory will be part of the MegaMicro Factory. When fully operating, it will represent a sizable investment in the state and employ more than 2,000 people.
