Canoo, a Walmart-backed electric vehicle startup, has announced the start of phased-ramp manufacturing in Oklahoma City and its shipment of Lifestyle Delivery Vehicle (LDV) models to key customers. The first batch of vans is in service at Kingbee, a strategically located facility with easy access to road and rail. The goal is to start commercial production of the LDV on November 17, 2022, and complete final certification in the first quarter of 2023.
Canoo plans to start customer deliveries of its Lifestyle Vehicles in 2023 with a long-term lease of an existing production facility in Oklahoma City. The startup has advanced its U.S. manufacturing timeline to begin production before the fourth quarter next year, and would expand to other markets.
The first official customer vehicles began rolling off the temporary line on November 17, bound for Walmart, NASA, and other fleet buyers. Deliveries of the all-electric Canoo commercial van have officially begun, and the first production LDV 130 vans are already hard at work.
Canoo had a tough 2022, but executives expect factories to have a production capability of 20,000 by the end of the year. As Canoo scales manufacturing to make additional customer deliveries in 2024, the company is continuously exploring ways to acquire high-value assets.
📹 Canoo Finishes First Production Of Electric Vehicles
A first-hand look at the Canoo factory in Oklahoma City, where workers just finished production on three new electric vehicles.
📹 Canoo Announces Production Numbers, Plans For 2024
Canoo says it is borrowing a few pages from the playbooks of Ford and Tesla with stair-set manufacuturing goals. Here’s a wrap …
Notably, back when Ford was starting, and more recently when Tesla was starting, each had something of a blue ocean market available. Canoo is launching into a very different market today. It is good they are trying to be much more disciplined with capital, but still, will probably take huge dilution to raise enough to keep going.
This company has so much potential if only they could step up their production. What’s going to happen is VW buzz, and offerings from Toyota (they have a product similar to this) will reach the market competing in the EV van space….RIVN is already flooding fleet applications. 5k-15k vehicle contract with big box (Walmart, target etc) should already be locked in
In 2023, Canoo CEO Tony Aquila spent half of Canoo’s revenue on private jet travel. Aquila owned the jet but fleeced Canoo investors gobs of money for the jet rental. There is no such thing as being profitable by selling EVs in low volume. That is pure BS!!! An OEM needs to manufacture them at scale in hundreds of thousands to make a profit. Every OEM that doesn’t manufacture at scale loses money for every EV they sell. Tony saying Canoo will make a profit through low volume production with an MSRP price between $35K to $50K is pure BS. Tony is no engineer like Elon Musk, he is more like a insurance claims adjuster who found a way to con investors. To me Canoo seems like Nikola all over again.
As an investor, after hearing the CEO spending more cash on private jet rentals than the company made in 2023, I think they need to start ramping up and getting orders delivered. I don’t understand why they are wasting money in the UK when they have plenty of orders to keep them going for years in the USA. Expanding to the UK is just going to cost more money than they need to be spending on production equipment and raw materials in OKC.
My household owns 4 very well kept Honda products from 4 to 30 years old. We don’t need to worry about buying another car. So that money goes into Canoo stock. Here’s the buzz: Canoo and Arrival were my investment choices. Arrival went belly up and Canoo grabbed manufacturing Robots and the like for fire sale prices. In fact these two manufacturers based their vision and plans on New Paradigm Technology. A comfortable well appointed personal luxury model will be very much like a unit built for plumbing or HVAC companies. I hope to have 5000 – 7000 shares by year end. This is not about enthusiasm; this is a bout monitoring the sobriety the whole operation in building a path dictated by the demands of future transportation needs. It worked for Henry Ford 100+ years ago. Big investors want a piece of this; don’t allow speculators and day traders cloud your perspective.
I own Canoo stocks. There has been a big drop in their share value since about a year ago (when I bought them). I see the slander articles about Canoo CEO spending half of their revenue on a personal jet. Makes it sound like he has just been partying all the time to us ‘non-private-jet’ users. But I can understand a world where a private jet gets you to making that deal faster (whether it is sales deal or purchase deal). . One way or the other Canoo faces the same issue as Tesla – a slew of negativity and myth around EVs from established media companies funded by legacy auto. EVs are obviously the future that is going to happen (just look at Finalnd) … and I’m betting on that.