Canoo has announced that the company entered an agreement to purchase yet another vehicle manufacturing facility in Oklahoma City.
Over the past few months, Canoo has made a dramatic turnaround. While the company was at one point looking down the barrel of bankruptcy, Canoo has since then secured massive orders for their Lifestyle Vehicle (LV) electric van, expanded battery production capabilities with several new facilities, and now plans to double down and expand vehicle production further with a new facility in Oklahoma City.
As stated in Canoo’s press release, the company hopes to anchor its vehicle production in the heartland of America, Arkansas and Oklahoma specifically, this Oklahoma City facility being a significant part of that. The 120+ acre facility plans to begin production in 2023 with a crew of 500 employees and a yearly goal run rate of 20,000 units. The plant also has ambitious sustainability goals, running the plant on clean energy being the most notable.
Addressing Canoo’s basic timeline, CEO Tony Aquila commented, “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’s new Oklahoma City facility will be vital in supplying the vast commercial and consumer orders they have acquired in recent months. From their partnership with Walmart, Zeeba, and recently Kingbee, Canoo has received a combined order total of just over 20,000 units. This is on top of the company’s undisclosed number of consumer orders that have built up since the brand’s inception.
Besides the new Oklahoma City Plant, Bentonville, Arkansas R&D facility, and the Pryor, Oklahoma battery production plant, Canoo has an even larger 400-acre facility planned in the Tulsa, Oklahoma area as well. It is unclear what the company’s total manufacturing output will total in the coming year as these plants come online.
Canoo is entering a supply-starved market of commercial electric vans and electric vehicles, more generally. With this new production capacity, they are setting themselves up to meet that demand. While Canoo has not yet laid out a complete production schedule nor a timeline for when different customers can expect their vehicles (at least not publically), many remain hopeful that this fledgling brand will be able to take off in the coming year.
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