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Canoo Inc

All articles tagged with #canoo inc

business-finance1 year ago

Canoo Inc. Faces Financial Struggles: Revenue Disappoints, Stock Tumbles

Canoo Inc. announced its financial results for the fourth quarter and fiscal year 2023, revealing a 45% improvement in annual adjusted EBITDA and a reduction in capital expenditures. The company also secured a USPS agreement, started commercial fleet customer deliveries, and acquired advanced manufacturing assets at discounted prices. Additionally, Canoo's Oklahoma City manufacturing facility was designated as a Foreign Trade Zone, enabling international expansion and estimated cost savings. The company expects annual revenue of $50 million to $100 million in 2024 and plans to continue seeking opportunities to acquire distressed assets.

via GlobeNewswire|
#advanced-mobility#business-finance#canoo-inc
business1 year ago

"Canoo (GOEV) Stock Skyrockets as Oklahoma City Manufacturing Facility Receives Key Approval"

Canoo Inc.'s Oklahoma City manufacturing facility has been approved as a Foreign Trade Zone (FTZ) by the U.S. Department of Commerce, allowing for the elimination of customs duties on vehicles sold overseas and deferral of duties on imported parts used in vehicles sold domestically. The FTZ designation is expected to enhance profitability for international sales and improve working capital for domestic sales, while also creating and protecting American manufacturing jobs. Canoo plans to expand its manufacturing footprint in Oklahoma and aims to bring more supply partners closer to its facilities, supporting its mission to bring electric vehicles to everyone.

via GlobeNewswire|
#business#canoo-inc#electric-vehicles
businesstechnology2 years ago

Canoo Expands Vehicle Assembly Capacity with Manufacturing Asset Acquisition

Canoo Inc, a leading high-tech advanced mobility company, has acquired manufacturing assets at significantly reduced prices to scale production at its Oklahoma City facility. The company purchased a cache of manufacturing assets, including robotics and controls processing equipment, at over 80 percent discount to the estimated value. This strategic move aims to support Canoo's manufacturing strategy, create advanced manufacturing jobs in Oklahoma, and meet its production goals and customer commitments for 2024. Canoo's mission is to bring electric vehicles to everyone, and it has developed breakthrough electric vehicles with a modular electric platform designed to maximize vehicle interior space and support a wide range of business and consumer applications.

via GlobeNewswire|
#businesstechnology#canoo-inc#electric-vehicles