Canoo Gears up for Production of EVs
Canoo – a successful electric vehicle startup – has made moves to gear up for production. With plans to release electric minivans in 2022, and commercial vehicles soon after, they have hired hundreds of employees and started gathering suppliers needed for production.
They have plans to build what they call a “Mega Micro Factory” for pickup trucks and multipurpose delivery vehicles. This facility will be based in Oklahoma. The state has promised $300 million in undiluted financial incentives to support Phase II of their facilities and manufacturing.
Aquila said about one-third of Oklahoma’s investment will be available within the first 36 months. These funds will help the company progress in the transition to the gamma phase, which means Canoo is preparing to launch. Canoo increases its workforce from 230 to 656 each year, 70% of which are hardware and software engineers. Startup operating costs increased from $19.8 million year-on-year to $104.3 million, most of which was due to research and development.
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