Canoo Launches Commercial Operations and Activation Center in the United Kingdom
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) ha annunciato il suo lancio ufficiale nel mercato del Regno Unito istituendo Canoo Technologies UK. L'azienda ha scelto Bicester Motion, un iconico campus automobilistico, come futuro centro operativo, per clienti e per le attivazioni delle sue attività commerciali nel Regno Unito e in Europa. Questa mossa fa parte della strategia di espansione globale di Canoo, mirata a introdurre soluzioni di veicoli elettrici commerciali (EV) nel Regno Unito.
Il mercato del Regno Unito offre un'opportunità significativa per Canoo, con il suo ambizioso mandato per Veicoli a Emissioni Zero (ZEV), che richiede che l'80% dei nuovi veicoli e il 70% dei nuovi furgoni venduti siano a emissioni zero entro il 2030. Il paese ha registrato 17 mesi consecutivi di crescita nel mercato dei veicoli commerciali leggeri (LCV), con una domanda di furgoni piccoli aumentata del 42,0% dall'inizio dell'anno.
Il centro di attivazione di Canoo a Bicester Motion permetterà ai clienti di provare e testare i loro furgoni commerciali a guida a destra. L'azienda prevede di adottare un approccio incentrato sul cliente, focalizzandosi sulla configurazione per soddisfare le diverse esigenze dei clienti commerciali e delle flotte governative.
Canoo Inc. (Nasdaq: GOEV) ha anunciado su lanzamiento oficial en el mercado del Reino Unido estableciendo Canoo Technologies UK. La empresa ha elegido Bicester Motion, un icónico campus automovilístico, como su futuro centro de operaciones, atención al cliente y activación para las actividades comerciales en el Reino Unido y Europa. Este movimiento es parte de la estrategia de expansión global de Canoo, que busca introducir soluciones de vehículos eléctricos comerciales (EV) en el Reino Unido.
El mercado británico presenta una oportunidad significativa para Canoo, con su ambicioso mandato de Vehículos de Cero Emisiones (ZEV) que exige que el 80% de los nuevos vehículos y el 70% de las nuevas furgonetas vendidas sean de cero emisiones para 2030. El país ha experimentado 17 meses consecutivos de crecimiento en el mercado de vehículos comerciales ligeros (LCV), con una demanda de furgonetas pequeñas que ha aumentado un 42,0% en lo que va del año.
El centro de activación de Canoo en Bicester Motion permitirá a los clientes experimentar y probar sus furgonetas comerciales de conducción a la derecha. La empresa planea adoptar un enfoque centrado en el cliente, enfocándose en la configuración para satisfacer las diversas necesidades de los clientes comerciales y de las flotas gubernamentales.
Canoo Inc. (Nasdaq: GOEV)는 영국 시장에 공식적으로 진출한다고 발표하며 Canoo Technologies UK를 설립했습니다. 이 회사는 Bicester Motion이라는 상징적인 자동차 캠퍼스를 영국 및 유럽에서 상업적 활동을 위한 미래의 운영, 고객 및 활성화 센터로 선택했습니다. 이 조치는 Canoo의 글로벌 확장 전략의 일환으로, 상업 전기차(EV) 솔루션을 영국에 도입하는 것을 목표로 하고 있습니다.
영국 시장은 Canoo에게 중요한 기회를 제공합니다. 2030년까지 신규 차량의 80%와 신규 밴의 70%가 제로 배출이어야 하는 제로 배출 차량(ZEV) 의무가 있는 것입니다. 이 나라는 경량 상업용 차량(LCV) 시장에서 17개월 연속 성장세를 보였고, 소형 밴 수요는 올해 들어 42.0% 증가하였습니다.
Bicester Motion에 있는 Canoo의 활성화 센터는 고객들이 우핸드 상업용 밴을 경험하고 시험 운전할 수 있도록 해줄 것입니다. 회사는 다양한 상업 및 정부 차량 고객의 요구를 충족하기 위해 구성에 중점을 둔 고객 중심 접근 방식을 취할 계획입니다.
Canoo Inc. (Nasdaq: GOEV) a annoncé son lancement officiel sur le marché britannique en créant Canoo Technologies UK. La société a choisi Bicester Motion, un campus automobile emblématique, comme futur centre d'opérations, d'accueil des clients et d'activations pour ses efforts commerciaux au Royaume-Uni et en Europe. Ce mouvement s'inscrit dans la stratégie d'expansion mondiale de Canoo, visant à introduire des solutions de véhicules électriques commerciaux (EV) au Royaume-Uni.
Le marché britannique présente une opportunité significative pour Canoo, avec son ambitieux mandat de véhicule à zéro émission (ZEV) exigeant que 80 % des nouveaux véhicules et 70 % des nouvelles fourgonnettes vendues soient à zéro émission d'ici 2030. Le pays a connu 17 mois consécutifs de croissance sur le marché des véhicules commerciaux légers (LCV), avec une demande de petites fourgonnettes en hausse de 42,0 % depuis le début de l'année.
Le centre d'activation de Canoo à Bicester Motion permettra aux clients de découvrir et d'essayer leurs fourgonnettes commerciales à conduite à droite. L'entreprise prévoit d'adopter une approche centrée sur le client, en se concentrant sur la configuration pour répondre aux divers besoins des clients commerciaux et des flottes gouvernementales.
Canoo Inc. (Nasdaq: GOEV) hat seinen offiziellen Einstieg in den britischen Markt mit der Gründung von Canoo Technologies UK bekannt gegeben. Das Unternehmen hat Bicester Motion, einen ikonischen Automobilcampus, als zukünftiges Betriebs-, Kunden- und Aktivierungszentrum für seine kommerziellen Aktivitäten in Großbritannien und Europa ausgewählt. Dieser Schritt ist Teil von Canoos globaler Expansionsstrategie, die darauf abzielt, kommerzielle Elektrofahrzeug(EV)-Lösungen in Großbritannien einzuführen.
Der britische Markt bietet für Canoo eine erhebliche Gelegenheit, da das ehrgeizige Mandat für emissionsfreie Fahrzeuge (ZEV) erfordert, dass bis 2030 80 % der neu zugelassenen Fahrzeuge und 70 % der neu verkauften Transporter emissionsfrei sind. Das Land hat 17 aufeinanderfolgende Monate Wachstum im Markt für leichte Nutzfahrzeuge (LCV) verzeichnet, wobei die Nachfrage nach kleinen Transportern im Jahr bislang um 42,0 % gestiegen ist.
Das Aktivierungszentrum von Canoo in Bicester Motion ermöglicht es den Kunden, ihre Rechtslenker-Kommerztransporter zu erleben und Probefahrten zu machen. Das Unternehmen plant, einen kundenorientierten Ansatz zu verfolgen, der sich auf die Konfiguration konzentriert, um den unterschiedlichen Bedürfnissen von gewerblichen und staatlichen Flottenkunden gerecht zu werden.
- Expansion into the UK market, establishing a local presence for commercial customers
- Selection of Bicester Motion as a strategic location for operations and customer engagement
- Alignment with UK's ambitious Zero Emission Vehicle (ZEV) mandate
- Strong growth in the UK's light commercial vehicle (LCV) market, with small van demand up 42.0% year-to-date
- Customer-centric approach focusing on configuration for diverse commercial and government fleet needs
- None.
Insights
Canoo's expansion into the UK market is a strategic move that could significantly impact the company's growth potential. The UK's ambitious regulatory framework for EV adoption, including the Zero Emission Vehicle (ZEV) mandate, creates a favorable environment for Canoo's commercial electric vans. With
The choice of Bicester Motion as Canoo's UK base is noteworthy, as it provides access to a hub of automotive innovation and a community of over 50 automotive brands. This could facilitate partnerships and accelerate Canoo's market penetration. The company's customer-centric approach, focusing on configuration to meet specific fleet needs, could be a key differentiator in the competitive UK market.
However, investors should note that while the UK LCV market has shown strong growth, with small van demand up
Canoo's expansion into the UK market represents a significant opportunity for revenue growth, but it also comes with financial considerations. The company's market cap of
The UK's plug-in van grant (PIVG) incentive could provide a financial boost for Canoo's sales efforts, potentially lowering the effective price for customers and driving adoption. However, the costs associated with establishing and operating the UK entity, including the activation center at Bicester Motion, will impact short-term profitability.
Investors should closely monitor Canoo's cash burn rate and ability to fund this expansion, especially given the capital-intensive nature of the EV industry. The success of pilot programs and subsequent vehicle rollouts will be important indicators of the expansion's financial viability. If successful, this move could open doors to the broader European market, significantly expanding Canoo's addressable market and long-term revenue potential.
- Canoo to establish first European location in Bicester Motion allowing UK customers to experience and test drive Canoo’s right-hand drive commercial electric vans
- Canoo’s expansion poised to capitalize on the strong demand in the light commercial vehicle (LCV) market
JUSTIN, Texas, Sept. 24, 2024 (GLOBE NEWSWIRE) -- Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced the company’s official launch into the United Kingdom market by establishing Canoo Technologies UK Limited, a new legal entity in the UK, marking a significant milestone in the company’s global expansion strategy. Canoo has selected Bicester Motion, an iconic automotive campus, as a key location that reflects the company’s spirit of innovation and commitment to sustainability. This decision and location, being a former WWII Royal Air Force base, underscores the long-standing partnership between the United States and the United Kingdom, a relationship built on shared values, economic collaboration, and mutual trust. Through this partnership, Canoo continues to strengthen its presence in the UK market while driving forward its mission of delivering sustainable mobility solutions globally.
This move signifies a pivotal step in Canoo’s global expansion, setting the stage for the company to introduce groundbreaking commercial electric vehicle (EV) solutions to the UK. Bicester Motion will serve as Canoo’s future operations, customer, and activation center, providing a dynamic base for its commercial efforts across the UK and Europe. The Canoo space plans to open in October.
The UK is a global pioneer and leader in EV adoption with one of the most ambitious regulatory frameworks in the world. Under its Zero Emission Vehicle (ZEV) mandate,
“Our expansion into the UK is a key milestone in our global growth strategy, enabling us to establish a local presence for our commercial customers to better serve their needs,” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo. “Six months ago, we debuted our right-hand drive vehicle, the USPS’ LDV 190 and also our LDV 130, and hosted and attended numerous fleet shows and customer test drives on tracks to establish ourselves as an American partner in the region. The UK activation center at Bicester Motion will allow us to leverage the local expertise while strengthening our commercial operations in this high-potential market that provides incentives including the plug-in van grant (PIVG) to help the growing demand and reach the government’s zero-emissions goals. We look forward to sharing more in the near future.”
Tony Aquila, Investor, Executive Chairman, and CEO of Canoo, has achieved remarkable success in the UK market, including his leadership at his previous company Solera, an automotive software company, which he founded, and CAP-HPI which Solera acquired. Over his career, Tony has had a history of successful operations in the UK which include acquiring various businesses, creating hundreds of new jobs, and generating over one hundred million dollars of annualized revenue.
Canoo will take a customer-centric approach to entering the UK market focusing on configuration to meet the diverse and immediate needs of its commercial and government fleet customers. Canoo’s strategy will include pilots followed by rollout of vehicles, and the company will work directly with customers to create solutions that meet their specific demands.
Canoo selected Bicester Motion for their Activation Center due to the location’s rich history in automotive innovation, making it an ideal hub for showcasing their cutting-edge EVs and connecting with a community of more than 50 automotive brands. Canoo’s activation center will serve as an environment for customers to experience and test drive Canoo’s right-hand drive commercial vans.
“We relish the opportunity to welcome like-minded technology pioneers to the UK to join our drive to positively shape the future of mobility,” said Daniel Geoghegan, CEO of Bicester Motion. “Over the last decade we have built a world-leading community for disruptive mobility leaders, manufacturers, innovators and change-makers who have a shared passion to deliver the mobility solutions we need for the future. It is clear that Canoo shares our vision, and we are pleased to provide them with a dedicated center-of-excellence from which they can launch their UK operation and to establish another international marque at Bicester Motion.”
For more information, visit www.canoo.com.
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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