Salem Radio Network News Tuesday, December 7, 2021

Science

Canoo advances manufacturing dates for electric vehicles

(Reuters) – Electric vehicle company Canoo Inc has advanced its U.S. manufacturing timeline to begin production before the fourth quarter next year, and would expand to more locations apart from its Oklahoma facility, it said on Monday.

In June, Canoo said it would set up a plant in Pryor, Oklahoma, to assemble the pod-shaped vans it calls “lifestyle vehicles”, beginning in 2023.

The company now plans to expand to include Arkansas and other locations in Oklahoma, for research and development, software development, customer support and finance centers.

“We are targeting approximately $100 million in vehicle orders … where we are locating these facilities,” Chief Executive Officer Tony Aquila said in a statement.

Canoo also forecast capital expenditures between $60 million and $80 million for the current quarter, and operating costs between $95 million to $115 million.

Shares of Canoo rose about 2% in extended trading. It also reported a smaller-than-expected loss for the third quarter.

The company developed a “skateboard”, or a low-rise platform that bundles batteries and electric motors with chassis components such as steering, brakes and wheels, on which a variety of vehicle body types can be built.

(Reporting by Nivedita Balu in Bengaluru; Editing by Devika Syamnath)

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