Canoo Expands Presence in Oklahoma and Texas with Engineering Talent and Headquarters Relocation
Canoo Inc. (NASDAQ: GOEV), an electric cargo vehicle manufacturer, has announced significant operational changes. The company will relocate 137 engineering positions from California to Oklahoma and Texas, with the majority moving to Oklahoma. This move aims to co-locate engineering and manufacturing at their 500,000 square foot facility in Oklahoma City, enhancing operational efficiency and collaboration.
Canoo is also relocating its corporate headquarters to Justin, Texas, where the executive leadership team has been since 2021. The company is actively hiring, with plans to expand to approximately 150 open positions in the near future. Canoo's vehicles are currently being used by notable clients including USPS, NASA, and the U.S. Army.
Canoo Inc. (NASDAQ: GOEV), un produttore di veicoli elettrici per il trasporto merci, ha annunciato significative modifiche operative. L'azienda ricollocará 137 posizioni ingegneristiche dalla California all'Oklahoma e al Texas, con la maggior parte che si trasferirà in Oklahoma. Questa mossa mira a riunire ingegneria e produzione nella loro struttura di 500.000 piedi quadrati a Oklahoma City, migliorando l'efficienza operativa e la collaborazione.
Canoo sta anche trasferendo la sua sede centrale a Justin, Texas, dove il team dirigenziale si trova dal 2021. L'azienda sta attivamente assumendo, con piani di espandersi a circa 150 posizioni aperte nel prossimo futuro. I veicoli di Canoo sono attualmente utilizzati da clienti di spicco, tra cui USPS, NASA e l'Esercito degli Stati Uniti.
Canoo Inc. (NASDAQ: GOEV), un fabricante de vehículos eléctricos de carga, ha anunciado cambios operativos significativos. La compañía reubicarán 137 puestos de ingeniería de California a Oklahoma y Texas, siendo la mayoría trasladada a Oklahoma. Este movimiento tiene como objetivo co-localizar ingeniería y fabricación en su instalación de 500,000 pies cuadrados en Oklahoma City, mejorando la eficiencia operativa y la colaboración.
Canoo también está reubicando su sede corporativa en Justin, Texas, donde el equipo ejecutivo ha estado desde 2021. La empresa está contratando activamente, con planes de expandirse a aproximadamente 150 puestos disponibles en un futuro cercano. Los vehículos de Canoo están siendo utilizados actualmente por clientes notables, incluyendo USPS, NASA y el Ejército de EE. UU..
카누 주식회사 (NASDAQ: GOEV), 전기 화물 차량 제조업체가 중요한 운영 변경을 발표했습니다. 회사는 캘리포니아에서 오클라호마와 텍사스로 137개의 엔지니어링 직책을 이전할 예정이며, 대다수는 오클라호마로 이동합니다. 이 조치는 엔지니어링과 제조를 한 장소에 배치하기 위함으로, 오클라호마 시티에 있는 50만 평방피트 규모의 시설에서 운영 효율성과 협업을 향상시키는 것을 목표로 합니다.
카누는 또한 기업 본사를 텍사스 주 저스틴으로 이전하고 있습니다, 이곳에서 경영진 팀은 2021년부터 활동해왔습니다. 회사는 약 150개의 공석을 확대할 계획으로 적극적으로 인재를 채용하고 있습니다. 카누의 차량은 현재 USPS, NASA 및 미국 군대를 포함한 저명한 고객에 의해 사용되고 있습니다.
Canoo Inc. (NASDAQ: GOEV), un fabricant de véhicules utilitaires électriques, a annoncé des changements opérationnels significatifs. La société va déplacer 137 postes d'ingénierie de Californie vers l'Oklahoma et le Texas, la majorité se rendant en Oklahoma. Cette initiative vise à regrouper l'ingénierie et la fabrication dans leur installation de 500 000 pieds carrés à Oklahoma City, améliorant ainsi l'efficacité opérationnelle et la collaboration.
Canoo déménage également son siège social à Justin, Texas, où l'équipe de direction est établie depuis 2021. L'entreprise recrute activement, prévoyant d'élargir à environ 150 postes ouverts dans un avenir proche. Les véhicules de Canoo sont actuellement utilisés par des clients notables, y compris USPS, NASA et l'armée américaine.
Canoo Inc. (NASDAQ: GOEV), ein Hersteller von elektrischen Nutzfahrzeugen, hat bedeutende betriebliche Änderungen angekündigt. Das Unternehmen wird 137 Ingenieurpositionen von Kalifornien nach Oklahoma und Texas verlagern, wobei die Mehrheit nach Oklahoma ziehen wird. Dieses Vorhaben zielt darauf ab, Ingenieurwesen und Fertigung zusammenzuführen in ihrer 500.000 Quadratfuß großen Anlage in Oklahoma City, um die Betriebseffizienz und Zusammenarbeit zu verbessern.
Canoo verlagert auch seinen Unternehmenssitz nach Justin, Texas, wo das Führungsteam seit 2021 ansässig ist. Das Unternehmen stellt aktiv ein, mit dem Ziel, in naher Zukunft etwa 150 offene Stellen zu schaffen. Die Fahrzeuge von Canoo werden derzeit von namhaften Kunden wie USPS, NASA und dem US-Militär genutzt.
- Relocation of engineering workforce to be closer to manufacturing facilities, potentially improving operational efficiency
- Expansion of workforce with plans to open approximately 150 new positions
- Current contracts with high-profile clients such as USPS, NASA, and the U.S. Army
- Potential disruption and costs associated with relocating 137 engineering positions
- Possible loss of talent during the relocation process from California to Oklahoma and Texas
Insights
Canoo's decision to relocate engineering talent and headquarters is a strategic move aimed at operational efficiency and cost reduction. While the immediate financial impact isn't quantified, this restructuring could lead to significant long-term savings. The consolidation of engineering and manufacturing in Oklahoma City should streamline operations and potentially accelerate production timelines. However, the short-term costs of relocation and potential loss of California-based talent could offset immediate benefits. The expansion in Oklahoma and Texas, with 150 new positions planned, signals growth but also increased expenses. Investors should monitor how this move affects Canoo's cash burn rate and time to market for its electric vehicles.
Canoo's strategy to co-locate engineering and manufacturing in Oklahoma City is a smart move for a young EV manufacturer. This setup can significantly reduce development cycles and improve product quality by enabling faster iterations and real-time problem-solving. The 500,000 square foot facility in Oklahoma City provides ample space for scaling production. However, the challenge lies in executing the transition smoothly without disrupting ongoing projects or losing key talent. The company's focus on step level ramp manufacturing suggests a phased approach to production scaling, which is prudent for managing capital expenditure. The existing contracts with USPS, NASA and the U.S. Army provide a solid foundation for initial production runs and real-world testing.
The relocation of 137 engineering positions from California to Texas and Oklahoma represents a significant HR challenge. While this move may lead to cost savings, it risks losing valuable talent who may be unwilling to relocate. The company must have a robust retention and relocation package to minimize brain drain. On the positive side, the planned expansion to 150 new positions in Texas and Oklahoma presents an opportunity to tap into new talent pools, potentially at lower costs than in California. The success of this transition will heavily depend on Canoo's ability to maintain corporate culture and knowledge transfer during the relocation process. Investors should watch for any signs of disruption in product development timelines as a result of this transition.
JUSTIN, Texas, Sept. 09, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (NASDAQ: GOEV), a technology equipment manufacturer specializing in electric cargo vehicles for commercial, government and fleet customers, today announced the company will migrate its engineering workforce to its two Oklahoma locations – Oklahoma City and Pryor and relocate its corporate headquarters to northern Texas.
Approximately 137 engineering positions will relocate from California to Texas and Oklahoma beginning in the fourth quarter of 2024, with the majority of roles based in Oklahoma.
One of the primary drivers for the move to Oklahoma is the co-location of engineering and manufacturing within the company's nearly 500,000 square foot manufacturing facility in Oklahoma City. This strategic decision will drive operational efficiencies and foster greater collaboration as Canoo continues to meet goals towards step level ramp manufacturing.
Canoo is actively hiring for numerous positions across both Texas and in Oklahoma City, with a significant number already listed online. The company plans expand and ramp to approximately 150 open positions in the near future.
Effective immediately, Canoo will name Justin, Texas their company headquarters where Canoo’s executive leadership team has been since 2021.
Canoo’s vehicles are currently on the road with USPS, NASA, the U.S. Army and other commercial and government fleet customers.
About Canoo
Founded in 2017, Canoo Inc. (NASDAQ: GOEV) is an automotive tech company that manufactures electric cargo vehicles, built to deliver, for large commercial, government and fleet customers globally. The company has developed design-forward innovative electric vehicles with steer-by-wire technology on its common modular platform with end-to-end software plus power solutions. Canoo’s platform is purpose-built to maximize the vehicle interior space and is customizable to support a wide range of business and government applications. Headquartered in Justin, Texas, Canoo has teams located in California, Michigan and Oklahoma with world-class vehicle and battery facilities in Oklahoma City. For more information please 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 about our plans, expectations and objectives with respect to the results and timing of the reverse stock split and the effect the reverse stock split will have on the Company’s ability to regain compliance with the Nasdaq Listing standards. 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, 2023 filed with the U.S. Securities and Exchange Commission (the "SEC") on April 1, 2024, 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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