EV Startup Canoo Will Be All-American

Electric Vehicles / Comments

Deal with VDL Nedcar falls through so EVs will be coming out of Oklahoma and Arkansas.

American EV startup Canoo, purveyor of strange-looking lifestyle vehicles and former partner of Hyundai, announced on Friday it will build all of its cars here in the US at its plants in Arkansas and Oklahoma. The Torrance, California company also revised its production guidance and targets over the next four years.

"Canoo is now in a position to issue guidance at a time when many others in the industry are reducing targets and projections. The Company has now refined its manufacturing strategy and assembled a team to execute the production roadmap for 2022-2025," said Tony Aquila, Investor, Chairman & CEO at Canoo Inc.

Canoo
Canoo
Canoo

Next year Canoo says it will produce from 3,000 to 6,000 cars, up from the 500-1,000 units it was originally planning. The following year it will make 14,000 to 17,000 units, with a previous plan of 15,000. After that it's targeting more than 40,000 units and more than 70,000 units in 2024 and 2025, respectively. But we heard claims like that before.

"In addition, we will be 100% built in the heartland of America, and we have proudly achieved another major milestone of having sourced 96% percent of our parts from U.S. and Allied Nations," said Aquila.

Canoo
Canoo
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Its plan for Europe involved a partnership with VDL Nedcar, which now has ceased. Canoo says building everything here will help its supply chain vulnerabilities, increase its speed to market, allow it to control its IP more securely, employ more people "in the communities that support us" and "save thousands of dollars per unit" by avoiding import tariffs.

Sheetmetal from Canoo will start with its boxy looking delivery van before it starts producing its dual-motor pickup truck, which from spy shots we've seen, looks like a forward control vehicle where the cab is over the front wheels. The van is set to arrive in limited quantities next year, with more production in 2023. That's also when we might see the electric pickup, to compete with the likes of the Ford Lightning, Chevy Silverado EV and the just-revealed electric GMC Sierra.

Canoo
Canoo

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