Canoo Secures Incentive Package Deal with Oklahoma and Cherokee Nation
Electric vehicle startup Canoo has finalized incentive agreements with the state of Oklahoma and the Cherokee Nation, worth an estimated $113 million over 10 years. The agreements will support Canoo's vehicle assembly facility in Oklahoma City and battery manufacturing factory in Pryor. The company will receive performance-based payouts and become eligible for state tax credit and exemption programs. Canoo plans to invest over $320 million in both facilities. The startup is expected to report a loss of around $75 million for the second quarter.