By Michael Elkins
Advanced mobility and electric vehicle company, Canoo Inc (NASDAQ:GOEV) announced Monday that they have entered into a long-term lease agreement with an affiliate of AFV Partners, a related party, for its recently announced Vehicle Manufacturing Facility in Oklahoma City.
Canoo will initially occupy close to 500,000 square feet, with the ability to expand. In phase 1, Canoo expects to employ more than 500 people, ramping teams over the coming months.
"One of the reasons we picked Oklahoma is because it has one of the most amazing work forces in America. They have proven themselves across many industries, including aviation and aero defense, which is why we are excited to announce our second manufacturing facility in Oklahoma City, following our Vehicle Module Manufacturing Facility event on April 5, in Pryor, OK," said Tony Aquila, Chairman and CEO at Canoo. "I want to thank Mayor Holt and the people of Oklahoma City for welcoming us. I also want to thank Secretary of Commerce Mariska and his team for all their help, as well as Terex (NYSE:TEX) leadership for allowing us to get started with our teams prior to the close."
Canoo's Oklahoma City Manufacturing Facility will sit on an existing commercial site with room for expansion on more than 120 acres and will support a full general and final vehicle assembly line, state-of-the-art robotics, a body shop, paint shop and automated paint line including e-coat and sealing, quality control, complete vehicle testing, validation and more.
With an existing training center, and test track, the facility is located within easy proximity to road, rail, and waterways, making it ideal for sophisticated supply chains and manufacturing. This facility will be powered by OG&E and has the flexibility to incorporate renewable energy. Canoo's recently announced Pryor facility includes renewable energy sources powered by GRDA.
Shares of GOEV are down 0.04% in afternoon trading on Monday.