Electric vehicle (EV) startup Canoo Technologies says it has delivered its first vehicles from its Oklahoma plant as part of a purchase contract with the state government for up to 1,000 EVs.
Three vehicles were the first batch of Lifestyle Delivery Vehicle (LDV) models delivered to the state, marking the start of Canoo’s phased manufacturing ramp-up in Oklahoma, increasing output in 2024.
Each LDV is built on a multi-purpose platform. Canoo says all of its vehicles are “designed for performance and functionality, with comfort, safety, and security that is configurable in unique ways.” They’re made configurable in an effort to help commercial and government fleet customers improve efficiency and cut operating costs, according to Canoo.
“We are now in our manufacturing and revenue-generation phase; while we still have things left to prove, we have worked nearly three years to get to this point,” said Tony Aquila, Canoo, CEO, executive chairman, and investor during the company’s Q3 earnings call. “The bets we have made around the redesign and functionality of our platform are beginning to play out successfully at multiple levels. We continue to move toward our goal of achieving 20,000 annual unit capacity. I think that’s a tribute to the scrappiness of our team driving value to our customers and partners.”
Oklahoma Gov. Kevin Stitt said the state is proud to be part of Canoo’s start to full-scale production.
“This marks Oklahoma’s return to vehicle manufacturing and proves ‘The Sooner State’ is the right place to grow cutting-edge businesses and create new jobs,” he said.
Canoo is hiring for its Oklahoma City and Pryor facilities and expects to create more than 1,300 jobs. The LDVs are the first commercial motor vehicles built in Oklahoma since 2006 and will go to the Office of Management and Enterprise Services (OMES).
“It’s an honor to partner with the state of Oklahoma and its workforce to create a legacy for electric vehicles in America’s Heartland,” said Aquila. “What is inspiring to me is that it takes just a small group of innovators and hardworking believers who find a way to win. I want to thank Gov. Stitt and his team for believing in us. We want our vehicles to provide service to Oklahomans who have been our partners through this journey.”
OMES Executive Director John Suter added, “We are excited to add Canoo vehicles to the state’s pooled fleet as part of a broader initiative to improve efficiency, cut waste, and improve stewardship of taxpayer dollars. We look forward to evaluating these new assets and the role they can play in modernizing Oklahoma’s vehicle use.”
Last week, Canoo announced another purchase contract — with Prime Time Shuttle — for up to 550 Lifestyle Vehicle (LV) Premium models in Los Angeles.
“As a pioneer and leader in the luxury and airport transportation niche, we have experience serving passengers and providing value to both our clients and the industry,” said Rattan Joea, Prime Time Shuttle CEO. “We’re practitioners of sustainability and have a separate fleet of sustainable vehicles so Canoo’s LVs fit nicely into our vision of providing differentiated experiences to our clients.”
Canoo reported in its Q3 earnings call that it had surpassed 10,000 industrial and commercial-use miles in pilot and customer delivery testing.
As of Sept. 30, Canoo had cash and cash equivalents of $8.3 million and a negative adjusted EBITDA of $40.4 million. For the full nine months, adjusted EBITDA was negative $169.8 million, compared to more than double that amount for the first nine months of 2022.
Net cash used in investing activities was $45.4 million during the first nine months, compared to $58.4 million net cash used through September 2022.
Earlier this month, Canoo announced a new model — the American Bulldog, a light tactical vehicle. Canoo says it’s a derivative of the Screaming Eagle that was delivered to the U.S. Army for extensive testing in 2022.
“Like the American Bulldog, this vehicle is loyal and courageous,” Aquila said. “It’s woven into the American spirit and reflects this country’s innovation. When we say, ‘Made in America,’ we mean it.”
On two wheels or four, the Bulldog “performs like a battleship” thanks to its honeycomb design, Canoo said. It’s strong and rigid, operating through steer-by-wire and brake-by-wire systems.
Featured image: Canoo LDV (Provided by Canoo)
Canoo LV Premium with Prime Time Shuttle logo (Provided by Canoo)
Canoo Lifestyle Vehicle interior (Provided by Canoo)
Interior and exterior shots of Canoo American Bulldog (Provided by Canoo)