Canoo Electric Vehicles selects Oklahoma for plant

[Plutonic Panda]

I'd love for them to succeed too and am hoping with a lot of the recent news that Oklahoma can become a hub of EV manufacturing (and usage?). I'm just saying that when this was first announced there was major bragging from Stitt/state leadership about what a big get this was while the terms of the deal were very mysterious and opaque, and many, many people pointed out that it was a risky investment in a company with a spotty track record. Now a lot of those concerns seem to be coming true in a very predictable manner. Obviously not every effort to lure a company is going to pay off big in the end, but I don't think it's crazy to challenge the Governor's (self-)promotional materials on this when things are rocky at best and it may not end up having been a great investment. Hopefully they can turn things around.

True. Hopefully this all pans out for Oklahomas sake. This could be great for the state if it comes to be.

[dhpersonal]

Imagine if Oklahoma didn't try for Canoo. The people on here would be bashing them for not getting a company like this. Just amazes me, the hypocrisy.

I wouldn’t be one of those people. I don’t think a state is working in its best interest when it attempts to bribe a large company to set its headquarters here when it comes at the expense of the residents who have to be burdened with the effects of tax breaks.

[chssooner]

I wouldn’t be one of those people. I don’t think a state is working in its best interest when it attempts to bribe a large company to set its headquarters here when it comes at the expense of the residents who have to be burdened with the effects of tax breaks.

Texas in a nutshell. Most residents HATE that they have grown like they have, because their property tax bills are insanely high, to offset companies getting tax breaks. Read the Houston Chronicle's series about the tax breaks and normal residents.

https://www.houstonchronicle.com/pro...burden-series/

[Laramie]

This is going to be great boost for Tulsa and the possible Panasonic Plant to be built in Tulsa to supply batteries. You will see Tulsa's city & MSA area increase in population in 2023.

[Bunty]

CNHI's story on Canoo:
Oklahoma wants to be the home of electric, hydrogen-fueled vehicles.
https://www.stwnewspress.com/oklahom...d2a5d44ce.html

[gopokes88]

More less than exciting news: https://www.autonews.com/executives/...eXxQIvW-Zd7V40

For the record this broke back in middle February.

[Jersey Boss]

News that's more current. Stitt breaks record for corporate welfare. First it was sporting teams now everybody thinks the state/locality needs to pay "juice". 15M to be exact.

Looking at those proposed vehicles I would hate to be in a head on collision if I was in the front seat.

https://www.newson6.com/story/621ff0...acturing-plant

[gopokes88]

hell yeah go Stitt

[BG918]

This is what the state is working to promote and why Canoo (and Panasonic) are important. There will likely only be a handful of these industry clusters around the country.

All this is part of what CEO Tony Aquila calls the transformation of U.S. 412 in Arkansas and Oklahoma into a “center of electric vehicle research, development and manufacturing power.”

https://www.armoneyandpolitics.com/c...facturing-hub/

[mugofbeer]

Until and unless laws are passed (which likely won't happen) outlawing all states from offering incentives to companies, the incentive game is alive and well and it's not going away. They've been around for decades and, despite articles to the contrary, they work - otherwise, incentives wouldn't be so popular.

Incentives are nothing more than an investment. Texas is making a virtually risk-free $1 billion investment in Tesla, Kansas is offering a $1 billion virtually risk-free investment in Panasonic while OK is making a highly risky investment, perhaps $300 million, in Canoo. The return is a property tax bonanza and tax revenue increases from new residents, new housing, ancillary businesses, etc. Think of Tesla as blue-chip while Canoo is a penny stock.

The answer isn't to complain about incentives, but to ensure the incentive money is going to the lowest-risk, "best investment."

[BG918]

I don’t know the details of the state incentives for Panasonic but I imagine they will be similar or better than what KS offers. It makes sense to locate in OK as it is closer to the Tesla Gigafactory as well as future EV manufacturing in NE OK.

[shawnw]

Commerce Dept showing off some vehicles

https://www.instagram.com/p/CbiGIKduZyq/

[Pete]

Motor Trend has a comprehensive article about the company and vehicles:

https://www.motortrend.com/news/cano...ctric-vehicle/

[PhiAlpha]

So apparently Canoo is involved in a NASA moon mission now…

NASA's Artemis mission to the moon will start in a Canoo


https://www.foxnews.com/auto/nasas-a...ion-moon-canoo


Explore the Fox News apps that are right for you at http://www.foxnews.com/apps-products/index.html.

[FighttheGoodFight]

Pushed back opening date by a year to 2023.

https://www.readfrontier.org/stories...hicle-startup/

[FighttheGoodFight]

I can't edit for some reason but it should be 2024 not 2023 (Thanks GreenCounty!)

[BG918]

Not related to Canoo but EV manufacturing in Oklahoma: Navistar is building its first generation electric IC buses at its Tulsa plant

[David]

EV startup Canoo sues major investor over sketchy share sales

Electric vehicle startup Canoo has filed suit against one of its largest shareholders, demanding that the firm pay back more than $61 million in “short-swing profits.”

The short-swing profit rule states that company insiders, like large shareholders, must return profits realized from buying and selling securities within a period of six months. Canoo alleges that the firm, DD Global Holdings, wrongfully benefited from its recent share sales, according to a complaint filed in federal court in Manhattan on Monday. Bloomberg was the first to report.

[gopokes88]

This thing is going under. Cheap credit evaporated with the Fed raising rates and that's that

https://techcrunch.com/2022/05/10/ca...evs-to-market/

[FighttheGoodFight]

This thing is going under. Cheap credit evaporated with the Fed raising rates and that's that

https://techcrunch.com/2022/05/10/ca...evs-to-market/

It sounds like they will have $300 million in capital coming this week?

"That PIPE investment appears to have not yet been realized. Canoo said during a call with investors Tuesday that it expected a $300 million private investment in public equity (PIPE) related to its merger to go through this week, and the company has filed a $300 million universal shelf. That $600 million is necessary to make it to start of production, Canoo CEO Tony Aquila said."

[BG918]

It sounds like they will have $300 million in capital coming this week?

"That PIPE investment appears to have not yet been realized. Canoo said during a call with investors Tuesday that it expected a $300 million private investment in public equity (PIPE) related to its merger to go through this week, and the company has filed a $300 million universal shelf. That $600 million is necessary to make it to start of production, Canoo CEO Tony Aquila said."

I don't think we know the extent of Wal-Mart's (and the Walton's) involvement but I imagine it's substantial

https://investorplace.com/2021/11/go...rest-in-canoo/

[Pete]

I don't think we know the extent of Wal-Mart's (and the Walton's) involvement but I imagine it's substantial

The Waltons also invested $150 million in Theranos.


Canoo electric-vehicle startup had aimed to begin production this year but now says in an earnings report that there is 'substantial doubt' about its future.

This was supposed to be the year that American startup Canoo would start building its podlike electric Lifestyle Vehicle, but it's now looking like the project may never get fully off the ground. In its first-quarter earnings report, Canoo acknowledged that it is running out of cash, writing that "there is substantial doubt about the Company's ability to continue as a going concern."

Canoo had previously announced that it was aiming to build between 3000 and 6000 units in 2022, but we would be surprised if even one consumer-ready Canoo ever rolls off the production line.

[Pete]

Canoo CEO warns company could go out business before a single car is made in Pryor

[Jake]

Watch the state not even land the Panasonic plant.

At least Tulsa can hang their hats on the sweet tea factory.

[gopokes88]

It was a risk in an emerging space that needs cheap credit and has too many companies chasing too few profits. Was probably worth it, but the markets have changed significantly so far in 2022.

Cheap credit dried up and many EV companies are going to be toast

This is happening everywhere. Ford sold a huge stake in Rivian. Tesla stock is way down. Lordstown is running out of cash.