EV startup Canoo is moving its headquarters from California to Walmart’s hometown of Bentonville, Arkansas — although it didn’t announce any take care of the retail large. Canoo mentioned it’s going to open a brand new manufacturing facility in Bentonville however didn’t say a lot about what will likely be accomplished there or who will construct it. The startup additionally mentioned Monday that it’s transferring up its timeline for making its first electrical automobiles to “before Q4 2022.”

Canoo CEO Tony Aquila mentioned it’s going to use the Arkansas facility to make “vehicles for unique use cases” and speed up its pre-production testing program. It nonetheless plans to construct a manufacturing unit outdoors Tulsa, Oklahoma, which it introduced in June. Shifting ahead, Canoo mentioned it’s going to have components of its R&D, software program improvement, buyer assist, and finance groups in Oklahoma, and can place extra R&D workers in Arkansas together with the brand new facility. It can hold engineering and automobile design workers in California.

Monday’s announcement is simply the most recent chapter within the current remaking of Canoo, which began when Aquila took over as govt chairman in late 2020 forward of its inventory trade debut. Aquila has since refocused the corporate on making electrical automobiles for small companies, shed a take care of Hyundai, signed a contract producer, and opened up new places of work throughout the solar belt (together with in Dallas, Texas). He has additionally grown the startup to round 800 workers.

Based in 2017, Canoo was initially referred to as Evelozcity. It was began by a handful of executives and workers who left fellow EV startup Faraday Future, which was coping with a extreme money crunch on the time. Canoo was initially centered on creating an electrical van that it deliberate to promote on a subscription mannequin, and at one level was in talks with Apple relating to an acquisition.

Canoo mentioned Monday that it misplaced $81 million within the third quarter of 2021, and has $414 million within the financial institution. It expects to spend between $95 million and $115 million on working bills within the remaining quarter. Moreover, an investigation from the Securities and Change Fee (SEC) is ongoing, the corporate shared in a inventory trade submitting. “We are providing the requested information and cooperating fully with the SEC investigation.”

Aquila mentioned on a convention name that Canoo goes to have the ability to make its electrical automobiles sooner than anticipated regardless of deciding to “reprioritize” its relationship with the contract producer it signed on, VDL Nedcar. Inflation, transport, and tax points in Europe (and VDL’s residence nation, the Netherlands) made Canoo determine to refocus on making its first automobiles within the US, Aquila mentioned.

“We took a bit of a punch in the face,” Aquila mentioned about saying that VDL Nedcar would construct the primary Canoo automobiles. “We did that because that was the right thing for us to do and relay to the market while we were working out and mitigating risk and finding our state partners.”

VDL Nedcar was additionally hit by a cyber assault in October. Canoo mentioned Monday within the inventory trade submitting that it has “not yet been able to determine if the proprietary information and intellectual property we have shared with VDL Nedcar in anticipation of entering into definitive agreements, was accessed, compromised or misappropriated in the incident.”


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