Company expects to hire over 1,300 at Oklahoma vehicle assembly and battery
plants
JUSTIN,
Texas, Aug. 14, 2023 /PRNewswire/ -- Canoo
(NASDAQ: GOEV), a leading high-tech advanced mobility company,
announced it has finalized today agreements on workforce and
economic development incentives from the state of Oklahoma and the Cherokee Nation for its
vehicle assembly and battery module manufacturing plants in
Oklahoma City and Pryor,
respectively. The estimated combined value of the incentive
agreements is up to $113 million over
10 years. The agreements require the company to meet job
creation and investment targets.
"It's been a multi-year effort to get to this point, and we are
delighted to have finalized these agreements which enable Canoo to
hire more than 1,300 Oklahomans and fulfill the vision of its state
and tribal leaders to bring new industry to the state," says Tony
Aquila, Chairman and CEO, Canoo. "We're grateful for the warm
reception we've received, and we look forward to further building
upon our relationships with state and local government and tribal
leaders to realize their vision for Oklahoma."
The agreement with the Oklahoma Department of Commerce will
enable Canoo to receive performance-based payments from the Quality
Jobs program and the Quick Action Closing Fund and to receive
workforce training support. The Department of Commerce has
issued a letter confirming Canoo's eligibility for certain state
tax credit and tax exemption programs.
Canoo also signed on-the-job training agreements with the
Cherokee Nation. Under these agreements, the Cherokee Nation is
committed to working with Canoo to identify skilled workers within
their reservation to staff the battery module manufacturing
facility in Pryor.
Aquila says that Canoo is pushing ahead with investments in
equipment and jobs. Canoo will invest more than $320 million in its Oklahoma City assembly facility and
Pryor battery module manufacturing
plant. Together, these facilities will create more than 1,360 jobs
at wages that exceed average state and local salaries, according to
Department of Commerce data.
Canoo is already hiring for both sites and is advertising for
its open positions. The company is working closely with the
Cherokee Nation and with the State of
Oklahoma and local career technology schools and staffing
agencies to recruit and train a skilled advanced manufacturing
workforce.
Work at both locations, Aquila says, is progressing.
Vehicle assembly equipment is in place and is being readied for
installation work involving commissioning, testing, validation, and
optimization at its Oklahoma City
facility. In Pryor, similar work is underway to complete
installation and begin months of work to calibrate, test, and
validate the performance and integrity of the high-tech
systems. Both plants will incrementally expand production
capacity in line with the company's revenue forecasts, Aquila
adds.
Canoo says it was attracted to Oklahoma because of the state's positive
environment for business, reputation for dedicated and hardworking
people, and entrepreneurial spirit. The company says it is
pleased to play a role in contributing to the broader strategy
shared by state leaders, the Cherokee Nation and MidAmerican
Industrial Park to grow the local automotive sector and to attract
new clean energy technology investment. Leading clean energy
technology companies Enel and USA
Rare Earth recently announced plans to invest in Oklahoma.
Aquila adds that Canoo is accessing long-established incentive
programs available to any business that meets eligibility criteria
set by tribal and state governments.
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has
developed breakthrough electric vehicles that are reinventing the
automotive landscape with bold innovations in design, pioneering
technologies, and a unique business model that spans the full
lifecycle of the vehicle. Distinguished by its experienced team
from leading technology and automotive companies – Canoo has
designed a modular electric platform purpose-built to deliver
maximum vehicle interior space that is customizable across all
owners in the vehicle lifecycle to support a wide range of vehicle
applications for consumers and businesses.
Canoo has teams in California,
Texas, Michigan, Oklahoma, and Arkansas. For more information, please visit
www.canoo.com. For Canoo press materials, including photos, please
visit press.canoo.com. For investors, please visit
www.investors.canoo.com.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward- looking statements may be identified by the use of words
such as "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding estimates and forecasts of financial and
performance metrics, expectations and timing related to commercial
product launches and the achievement of operational milestones,
including the ability to meet and/or accelerate anticipated
production timelines, Canoo's ability to capitalize on commercial
opportunities, current or anticipated customer orders, and
expectations regarding the development of facilities. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Canoo's management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Canoo. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in domestic and foreign business,
market, financial, political and legal conditions; Canoo's ability
to access future capital, via debt or equity markets, or other
sources; the rollout of Canoo's business and the timing of expected
business milestones and commercial launch; future market adoption
of Canoo's offerings; risks related to Canoo's go-to-market
strategy and manufacturing strategy; the effects of competition on
Canoo's future business, and those factors discussed under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in Canoo's Annual
Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the U.S. Securities
and Exchange Commission (the "SEC") on March
30, 2023, as well as its past and future Quarterly Reports
on Form 10-Q and other filings with the SEC, copies of which may be
obtained by visiting Canoo's Investors Relations website at
investors.canoo.com or the SEC's website at www.sec.gov. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Canoo does not presently know or that Canoo currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Canoo's expectations, plans or
forecasts of future events and views as of the date of this press
release. Canoo anticipates that subsequent events and developments
will cause Canoo's assessments to change.
However, while Canoo may elect to update these forward-looking
statements at some point in the future, Canoo specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Canoo's assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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SOURCE Canoo