Canoo (NASDAQ: GOEV) is among the most promising and exciting EV makers in the market right now and the Company will soon begin production at its new manufacturing facility in Oklahoma City, Oklahoma. Fleet customers such as Kingbee, Zeeba, and Walmart have already ordered a total of almost 17,000 Canoo LDVs, with the option for an additional 16,200 units. GOEV was also selected by NASA to provide crew transport for Artemis lunar exploration launch and recently delivered its first vehicle, the LTV – to the US Army. Canoo also recently got a contract from the DoD’s Innovation Unit to supply battery modules for analysis, demonstration and advanced testing. The award supports the U.S. Department of Defense focus to incorporate scalable and adaptable capabilities in tactical environments. The Company also recently launched a battery module manufacturing facility in Pryor, OK.
The Company’s CEO Tony Aquila is clearly very excited about 2023. Following recently announced Q4 financial resutls, Mr. Aquila stated: “In 2022, we focused on achieving as many of our milestones as possible, including: aggressively managing legacy matters, increasing our commitment to Grade A credit customers, completing our Phase 1 manufacturing and pushing forward on our strategy in America’s heartland. We continue to optimize manufacturing and cost efficiency and already shifted more than 90% of our supply chain to the US or allied nations. In addition, we delivered our first vehicle, the LTV – to the US Army. As we move through 2023, we are focused on bringing our facilities online, scaling production and aligning with our strategic distribution partners for our global expansion.” We will be updating on GOEV when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Canoo Inc. (NASDAQ: GOEV) operating out of Justin, Texas with teams in California, Texas, Michigan, Oklahoma and Arkansas, mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with their pioneering technologies, unique design and business model that spans multiple owners across the full lifecycle of the EV. Canoo designed a modular electric platform that is purpose-built to maximize the vehicle interior space and is customizable for all owners in the vehicle lifecycle, to support a wide range of business and consumer applications.
Canoo has developed a self-contained, fully functional rolling chassis that directly houses the most critical components for operation of an EV, including its in-house designed proprietary electric drivetrain, battery systems, advanced vehicle control electronics and software and other critical components, which all have been optimized for functional integration. Canoo is one of the first automotive manufacturers focused on monetizing value across the entirety of the vehicle lifecycle, across multiple owners. The Company’s platform and data architecture are purpose-built to be durable and serve as the foundation for its vehicles including the Lifestyle Vehicle and its Delivery, Base, Premium, and Adventure trims; the Multi-Purpose Delivery Vehicle (“MPDV”) and the Pickup.
Canoo has a strong management team led by its CEO Tony Aquila, who has deep expertise in vehicle asset management software as a pioneer and innovator in this category. He brings a proven track record of building and scaling highly profitable, global businesses. As the founder and former CEO, Tony built Solera Holdings into a leader in vehicle lifecycle management software and services, with over 5 petabytes of data gathered through AI driven data and solutions. Between Solera’s initial public offering in 2007 to its acquisition in 2015, Tony helped generate approximately $3 billion of market capitalization value creation, further establishing his success as a leader in the space. GOEV Management has a collective 100+ years of automotive industry experience.
Canoo’s digital ecosystem is a suite of proprietary products and software tools consisting of its fleet optimized CanooHub, driver mobile app, vehicle Human Machine Interface (“HMI”) and data analytics.
$GOEV great news for a company which has design flexibility and cost drivers -Now to gain momentum maybe Na and Fe based batteries to reduce Li load- great volatility for the day trippers still a buy and hold https://t.co/ucAtq49f2o
— davidglincoln (@Heterocyclicac) April 24, 2023
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GOEV purpose-built vehicles include:
Lifestyle Delivery Vehicle – a variant of the Company’s Lifestyle Vehicle designed for fleets, offers a spacious cargo capacity on a Class-1 footprint to deliver maximized return on investment for a wide range of commercial customers. Cannoo’s upfit-ready design and top hat is tailored for commercial delivery, providing customization flexibility to meet business needs without compromising space or performance. The Lifestyle Vehicle is expected to feature a minimalist concealed infotainment panel and seamless mobile phone and device connection. It is also expected to have SAE Level 2.5 ADAS with compatibility for more advanced levels of autonomy. We have in sourced all the advanced IP development, including test and validation of ADAS software for the Lifestyle Vehicle. The vehicle architecture is designed to integrate with advanced driver assist technology. As a result, the vehicle will be positioned to evolve and adapt to the next generation of transportation.
Multi-Purpose Delivery Vehicle – Designed from the inside out, our MPDV will be constructed to be a productivity tool built for small businesses and last-mile delivery companies. With last-mile delivery customers in mind, the vehicle is designed to maximize productivity gains with high roof heights, storage lockers, and slide-out ramps. The unique body design for our top hats allows for modifications as required to facilitate dimensional, performance, and cost requirements, providing maximum utility to each business owner.
Pickup – Canoo’s Pickup is versatile and incorporates an array of innovative features, designed to help commercial and passenger customers do more with their vehicles. High-utility features include integrated worktables, multi-accessory charge ports for work tools and devices, and multiple spaces for cargo storage to be a ready-for-work vehicle. The Pickup can also be retrofitted with accessories, such as roof racks, camper shells, modular bed dividers and stowage solutions to further customize per the customers’ needs, for work or adventure.
Earlier in April Canoo’s entered into a long-term lease agreement with an affiliate of AFV Partners, a related party, for its recently announced Vehicle Manufacturing Facility in Oklahoma City. Canoo will initially occupy close to 500,000 square feet, with the ability to expand. In phase 1, Canoo expects to employ more than 500 people, ramping teams over the coming months. An existing commercial site with room for expansion on more than 120 acres, Canoo’s Oklahoma City Manufacturing Facility will support a full general and final vehicle assembly line, state-of-the-art robotics, a body shop, paint shop and automated paint line including e-coat and sealing, quality control, complete vehicle testing, validation and more. With an existing training center, and test track, the facility is located within easy proximity to road, rail, and waterways, making it ideal for sophisticated supply chains and manufacturing. This facility will be powered by OG&E and has the flexibility to incorporate renewable energy. Canoo’s recently announced Pryor facility includes renewable energy sources powered by GRDA.
Saudi Arabia has an unnamed EV project planned with a projected output of 50k units per year – is it @canoo?$GOEV #Canoo #SaudiArabia pic.twitter.com/OPYPAnikMW
— wheresPaunch (@wheresPaunch) April 24, 2023
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Currently trading at a $360 million market valuation GOEV os is 474,140,598 shares outstanding and the Company has $36.6 million in the treasury. As we said, GOEV is among the most promising and exciting EV makers in the market right now and the Company will soon begin production at its new manufacturing facility in Oklahoma City, Oklahoma. Fleet customers such as Kingbee, Zeeba, and Walmart have already ordered a total of almost 17,000 Canoo LDVs, with the option for an additional 16,200 units. GOEV was also selected by NASA to provide crew transport for Artemis lunar exploration launch and recently delivered its first vehicle, the LTV – to the US Army. We will be updating on GOEV when more details emerge so make sure you are subscribed to newsytrends.com by entering your email below.
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Disclosure: we hold no position in GOEV either long or short and we have not been compensated for this article.