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Thursday, June 1, 2023

Why Canoo (NASDAQ: GOEV) Entrance into Mass Production will be a Game Changer

Canoo (NASDAQ: GOEV) is an exciting EV automaker, priced as if it will fail, but that has an ambitious management team and enormous shareholder base all betting the Company will win. Currently trading at a $300 million market valuation, Canoo went public in a $2.4 billion SPAC deal at the height of the EV boom in late 2021 but has lost over 90% of its value as the market doubted the Company’s ability to enter mass production.  Canoo however, has positioned itself to prove them all wrong and when it does so later this year, the market will be forced to revalue the Company’s valuation which trades at a fraction of most of its EV competitors that trade at billion dollar market valuations.

Recently, Canoo secured a 500,000 square ft Vehicle Manufacturing Facility in Oklahoma City where it is currently installing equipment. Management has planned the start of production for November 17 and plans to quickly scale up to 40,000-vehicle next year. As soon as Canoo’s EV’s begin rolling off the production line, the Company will be reporting revenues as Canoo already holds $2.8 billion in preorders. 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’s new 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. The existing commercial site has a lot of room for expansion on more than 120 acres and is located within easy proximity to road, rail, and waterways. Oklahoma has promised Canoo with up to $400 million in incentives to build there and has also agreed to buy 1,000 Canoo EVs fromm the Company. The Company also has a battery module manufacturing facility at MidAmerica Industrial Park in Pryor, OK.


Canoo also has major orders from fleet customers, including from Walmart, Kingbee, and Zeeba who have already ordered 17,000 Canoo LDVs, with the option for an additional 16,200 units. 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. Canoo 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.

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Canoo’s  mission is to bring EVs to Everyone. The company has developed 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’s proprietary self-contained, fully functional rolling chassis houses the most critical components for operation of the EV, including it’s 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’s management team is led by its CEO Tony Aquila and the Company’s EV’s include its Lifestyle Delivery Vehicle, the Multi-Purpose Delivery Vehicle, and the Canoo’s Pickup.

It was an exciting time when Canoo first came out with its Lifestyle Vehicle, designed off the original idea of the Volkswagen Bus but with a modernized electrified power plant. The Electric Van features a skateboard platform with “vehicle top hats” that replaces traditional bodies and vehicle structure allowing new owners to modify the vehicle body and interior design to suit their individual needs. The Lifestyle Vehicle, can be used both as a people-carrier or a delivery van and it has a range of about 400 kilometers built on a chassis integrating the battery and driving elements in a single “skateboard”. The Electric Van is both spacious and performance-oriented and offers up to 350 HP/257 kW, and carries more than 1,464 lbs (664 kg) of payload. The vehicle is equipped with a drive-by-wire system, eliminating the need for mechanical connections like a steering shaft and allowing for a greater flexibility in designing the cabin and starts at $34,750. 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.

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