Milestone delivering first batch in agreement
of up to 1,000 vehicles
OKLAHOMA
CITY, Nov. 13, 2023 /PRNewswire/ -- Canoo
Inc. (Nasdaq: GOEV), a leading high-tech mobility company, today
announced delivering its first Made in Oklahoma electric vehicles to the state of
Oklahoma.
We want our vehicles to provide service to
Oklahomans who have been our partners through this journey.
This is a milestone that marks the start of Canoo's
phased-ramp manufacturing in Oklahoma and its shipment of Lifestyle
Delivery Vehicle (LDV) models to key customers and partners in 2023
with increasing units in 2024.
"We are proud to be part of this historic moment as Canoo builds
momentum on its road to full-scale production," said Governor
Kevin Stitt. "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."
Canoo is hiring for its Oklahoma
City and Pryor facilities
in the state 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 Tony Aquila,
Chairman and CEO of Canoo. "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 Governor Stitt and his team
for believing in us. We want our vehicles to provide service to
Oklahomans who have been our partners on this
journey."
The LDVs set a new standard for mobility. Built on a
multi-purpose platform, the vehicles are configurable to help
commercial and government fleet customers improve efficiency and
cut operating costs. All Canoo vehicles are designed for
performance and functionality, with comfort, safety, and security
that is configurable in unique ways.
"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," said OMES
Executive Director John Suter. "We
look forward to evaluating these new assets and the role they can
play in modernizing Oklahoma's
vehicle use."
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has
developed breakthrough electric vehicles that are reinventing the
automotive landscape with their pioneering technologies, unique
design, and business model that spans multiple owners across the
full lifecycle of the vehicle. Canoo designed a modular electric
platform that is purpose-built to maximize the vehicle interior
space and is customizable for all owners in the vehicle lifecycle,
to support a wide range of business and consumer
applications.
Canoo has teams in California,
Texas, Michigan, Oklahoma, and Arkansas. For more information, visit
www.canoo.com and investors.canoo.com.
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward- looking statements may be identified by the use of words
such as "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding estimates and forecasts of financial and
performance metrics, expectations and timing related to commercial
product launches and the achievement of operational milestones,
including the ability to meet and/or accelerate anticipated
production timelines, Canoo's ability to capitalize on commercial
opportunities, current or anticipated customer orders, and
expectations regarding the development of facilities. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Canoo's management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Canoo. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in domestic and foreign business,
market, financial, political and legal conditions; Canoo's ability
to access future capital, via debt or equity markets, or other
sources; the rollout of Canoo's business and the timing of expected
business milestones and commercial launch; future market adoption
of Canoo's offerings; risks related to Canoo's go-to-market
strategy and manufacturing strategy; the effects of competition on
Canoo's future business, and those factors discussed under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in Canoo's Annual
Report on Form 10-K for the fiscal year ended December 31, 2022 filed with the U.S. Securities
and Exchange Commission (the "SEC") on March
30, 2023, as well as its past and future Quarterly Reports
on Form 10-Q and other filings with the SEC, copies of which may be
obtained by visiting Canoo's Investors Relations website at
investors.canoo.com or the SEC's website at www.sec.gov. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Canoo does not presently know or that Canoo currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Canoo's expectations, plans or
forecasts of future events and views as of the date of this press
release. Canoo anticipates that subsequent events and developments
will cause Canoo's assessments to change.
However, while Canoo may elect to update these forward-looking
statements at some point in the future, Canoo specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Canoo's assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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SOURCE Canoo Technologies Inc.