Electric automaker Canoo, which became a publicly traded company last year, is expanding its US footprint with plans to set up its headquarters and another facility in Bentonville, Arkansas — a city most famously associated with Walmart. Has happened.
Canoo announced Panasonic as a battery supplier and other expansion plans during its third-quarter earnings call on Monday, including the establishment of an R&D center in Fayetteville, Arkansas, and expanded operations at its first U.S. factory in Oklahoma. , which is currently under construction. On top of the expansion news, Canu said it was starting production of its lifestyle vehicle from early 2023 before the fourth quarter of 2022.
Earlier this year, Canoo made dual manufacturing announcements. The company named Dutch company VDL Nedcar as the contract manufacturing partner for its lifestyle vehicle. VDL Nedcar will build the vehicle for the US and EU markets while Canu will build the US-based Mega Microfactory. Canu previously estimated that the Nedcar facility would manufacture 1,000 units for the US and European markets, up to 1,000 units in 2023, with a target of 15,000 units in 2023. CEO and President Tony Aquila in August upgraded that figure to 25,000 units in 2023.
The company announced plans to build its first factory in Oklahoma in June. At the time, the state had pledged $300 million in nonrefundable financial incentives to support Phase 2 of the facility and construction. On Monday, Aquila said the state had added another $100 million in additional nonrefundable financial incentives, bringing the total to $400 million.
“Our discipline remains Big News or No News. Therefore, we will ramp up our advanced manufacturing production in the US before the fourth quarter of 2022.”
According to the company, the Oklahoma factory will now include R&D, software development, customer support and finance centers.
On the funding front, the company reported a net loss of $80.9 million in the third quarter, nearly four times the $23.4 million loss reported in the same period last year.