Welcome to our dedicated page for Canoo news (Ticker: GOEV), a resource for investors and traders seeking the latest updates and insights on Canoo stock.
Canoo Inc. (NASDAQ: GOEV) is at the forefront of the mobility technology sector, pioneering advanced electric vehicles (EVs) with a mission to bring EVs to everyone. The company has engineered a revolutionary modular electric platform designed to maximize interior space and flexibility for a diverse range of business and consumer applications.
Core Business:
Canoo's core focus is on providing electric vehicles for commercial fleets, government, and military customers. The company’s modular EV platform facilitates rapid product iteration and market adaptation, enabling it to address multiple use cases faster and more cost-effectively than competitors.
Recent Achievements:
- Approved by the U.S. Department of Commerce as a Foreign Trade Zone (FTZ) in Oklahoma City, enhancing profitability and cost savings.
- Acquired advanced manufacturing assets from Arrival Automotive UK Limited, significantly reducing capital expenditures and accelerating production capabilities.
- Expanded into the Saudi Arabian market through a vehicle sales agreement with Jazeera Paints, marking its first international sales.
- Partnered with Red Sea Global for a pilot program that will deploy Canoo’s Lifestyle Vehicle (LV) and Lifestyle Delivery Vehicle (LDV) 190 in Saudi Arabia’s regenerative tourism destinations.
Current Projects & Partnerships:
- Manufacturing expansion in Oklahoma, creating over 1,000 jobs and leveraging a strategic location on the I-40 corridor.
- Commissioning newly acquired manufacturing assets to streamline processes and improve product quality.
- Developing zero-emission vehicles tailored to various use cases in the Saudi market.
Financial Condition:
Canoo is strategically acquiring new and unused equipment at significant discounts, enhancing equity value while maintaining capital discipline. The company’s recent FTZ approval is projected to save up to $70 million in vehicle costs and improve unit profitability in the coming years.
Products:
- Lifestyle Vehicle (LV): Offers premium transportation solutions with customizable configurations for various applications.
- Lifestyle Delivery Vehicle (LDV) 190: Designed for efficient cargo and delivery services, providing significant cost savings on logistics.
- Bulldog Pickup Truck: Ideal for rugged terrain and diverse mobility needs.
For more information, visit www.canoo.com or investors.canoo.com.
Canoo Inc. (NASDAQ: GOEV) announced a 1-for-20 reverse stock split effective December 24, 2024. The company's common stock will continue trading on Nasdaq under 'GOEV' with a new CUSIP number 13803R300. This strategic move aims to comply with Nasdaq's minimum bid price requirement of $1.00 per share, which must be maintained for at least 10 consecutive business days by June 2, 2025.
The reverse split will automatically combine every 20 shares into one share, maintaining stockholders' percentage ownership interests except for fractional shares. Continental Stock Transfer & Trust Company will aggregate and sell fractional shares on the open market, with proceeds distributed proportionally to affected stockholders. The company's equity incentive plans and outstanding options will be proportionally adjusted.
Canoo (Nasdaq: GOEV) announced the furlough of 82 employees and the temporary closure of its Oklahoma factories while working to secure necessary capital for continuing operations. The company stated it is in advanced discussions with various capital sources and expressed hope to bring back the furloughed employees soon. The workforce reduction affects both salaried and hourly workers during the holiday season.
Canoo (Nasdaq: GOEV) announced the adjournment of its Annual Meeting of Stockholders due to insufficient quorum. The meeting has been rescheduled for December 6, 2024, at 8:30 a.m. Central Time and will be held virtually. The adjournment aims to provide stockholders additional time to vote on all proposals, which the Board considers advisable and in stockholders' best interests. Previously submitted proxies remain valid unless revoked, and voting polls will stay open until December 5, 2024, at 11:59 p.m. Eastern Time.
Canoo has announced a service, maintenance, and repair (SMR) agreement with Northside Truck & Van in the United Kingdom. Northside, with over 280 garages and 72 physical locations across England, Scotland and Wales, will provide 24/7/365 maintenance support for Canoo's light commercial vehicles. The partnership includes Fleet Management solutions, parts inventory sourcing, and specialized EV service expertise. Northside's SMR personnel will collaborate with Canoo's Quick Reaction Force team to service pilot vehicles expected on UK roads in Q4. Northside maintains over £6 million in parts stock and delivers £39 million worth of parts across the UK.
Canoo reported Q3 2024 financial results with revenue of $0.9 million and year-to-date revenue of $1.50 million. The company showed improvements in several metrics, including a 67% better Adjusted Net Loss Per Share at $(0.54) compared to $(1.71) in Q3 2023. Cash outflow reduced by 20.7% to $31.3 million from Q2 2024. The company is consolidating operations from California to Texas and Oklahoma, expecting annual savings of $12-14 million. Key developments include UK market entry, Oklahoma City facility Foreign Trade Zone activation, and headquarters relocation to Texas. Cash position stands at $16 million as of September 30, 2024.
Canoo Inc. (Nasdaq: GOEV) announced it will release its Q3 2024 financial results on Wednesday, November 13, 2024, after market close. The company will host a conference call and webcast at 5 p.m. ET on the same day. Tony Aquila (Investor, Executive Chairman and CEO), Kunal Bhalla (CFO), and Ramesh Murthy (SVP Finance, CAO, and Chief Administrative Officer) will host the call. A slide presentation will be available on Canoo's investor relations website.
Canoo Inc. (GOEV) has partnered with The AA, the UK's leading breakdown service provider, to deliver premium service and repair support for Canoo's commercial fleet and government customers in the United Kingdom. The AA, with over 11 million business vehicles in its breakdown customer base, will provide specialized services including 24/7 emergency roadside assistance, commercial EV charging support, and fleet management tools. The partnership aims to minimize fleet downtime and support the UK's transition to electric vehicles, covering Canoo's LDV 130, LDV 190, and other commercial vehicles.
Canoo Inc. (Nasdaq: GOEV) has received IVA (Individual Vehicle Approval) regulatory certificates for its Right-Hand Drive (RHD) electric commercial delivery vans in the United Kingdom. This achievement allows Canoo to begin pilot testing its RHD LDV 130 and LDV 190 models with a prestigious UK fleet. The company obtained the certificates in just three months, with less than 2% changes to the Bill of Materials (BoM) of the US-certified RHD LDV 190.
The IVA certification confirms that Canoo's vehicles meet UK safety and environmental standards. The vans will be registered with the DVLA for legal operation in the UK. Canoo's multi-purpose platform, featuring steer-by-wire technology and a unique low-profile suspension system, facilitates easy RHD configuration. This development positions Canoo to contribute to the UK's carbon emission reduction goals and promote cleaner air.
Canoo Inc. (Nasdaq: GOEV) has announced its official launch into the United Kingdom market by establishing Canoo Technologies UK The company has chosen Bicester Motion, an iconic automotive campus, as its future operations, customer, and activation center for commercial efforts across the UK and Europe. This move is part of Canoo's global expansion strategy, aiming to introduce commercial electric vehicle (EV) solutions to the UK.
The UK market presents a significant opportunity for Canoo, with its ambitious Zero Emission Vehicle (ZEV) mandate requiring 80% of new vehicles and 70% of new vans sold to be zero-emission by 2030. The country has seen 17 consecutive months of growth in the light commercial vehicle (LCV) market, with small van demand up 42.0% year-to-date.
Canoo's activation center at Bicester Motion will allow customers to experience and test drive their right-hand drive commercial vans. The company plans to take a customer-centric approach, focusing on configuration to meet the diverse needs of commercial and government fleet customers.
Canoo Inc. (NASDAQ: GOEV) has achieved final activation of its Oklahoma City manufacturing facility as a Foreign-Trade Zone (FTZ), the first automotive FTZ in Oklahoma. This status, approved by U.S. Customs and Border Protection, offers Canoo significant financial and logistical benefits, including:
1. Insulation from import tariffs
2. Deferments and exemptions on imports
3. A 5% reduction in BOM costs for imported parts, improving margins
4. Opportunity for vendors and partners to relocate to Canoo's site
The FTZ activation is part of Canoo's strategy to streamline operations as it scales production of modular electric commercial vehicles for customers in the U.S., UK, Europe, and Middle East.
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