Canoo acquires vehicle manufacturing plant in Oklahoma City

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Facility to produce LDV and LV programs for customer deliveries in 2023

JUSTIN, TX, November 9, 2022 /PRNewswire/ — Canoo (NASDAQ:GOEV), a high-tech advanced mobility company, has entered into an agreement to acquire a vehicle manufacturing facility in Oklahoma City. Strategically located with easy road and rail access, the facility will produce Canoo’s LDV and LV vehicles to be delivered to customers in 2023. With a dedicated training facility, Canoo’s vehicle manufacturing facility will employ over of 500 people and will be equipped to scale to 20,000 unit annual operating rates by the end of 2023, with additional capacity to operate on the 120+ acre site.

“Today, we are thrilled to announce our manufacturing facility, which begins our journey to full-scale production in 2023 and delivers on our plan to bring well-paying light blue jobs to Oklahoma. The Oklahoma City has significant room for expansion and is a proven site for large-scale production, with an established transportation ecosystem, including rail,” said Tony Aquila, President and CEO of Canoo. “We are working with our third-party manufacturing partners to achieve SOP on our own equipment this month. Following these initial builds, we will aggressively move all of our equipment to our new factory over the course of 1H’23 with a production ramp in 2H’23.”

Canoo considered several potential sites before selecting the location in Oklahoma City. An existing commercial site with over 630,000 square feet of move-in ready space and plenty of room for future expansion, the facility will be tailored for Canoo and equipped to accommodate a full vehicle assembly line with state-of-the-art robotics , a paint shop and fitting out center. As with other Canoo facilities in Pryor Oklahoma, the vehicle manufacturing plant will be powered by clean energy. Once fully renovated, the facility will align with Canoo’s vision for sustainable, nature-centered campuses.

Canoo focused on Oklahoma and Arkansas as indicated by the anchoring economy of electric vehicles (EVs). In addition to Canoo’s Oklahoma City vehicle manufacturing plant, the company recently announced a battery module manufacturing plant and its MegaMicro plant, a 400-acre campus in MidAmerica Industrial Park, an industrial complex in 9,000 acres strategically located near some of the busiest sites in the country. lanes. The MegaMicro plant will include a complete marketing facility with a paint, body and general assembly plant. It will be a significant investment for the state and will employ over 2,000 people when fully operational.

About Canoo

Canoo’s mission is to bring electric vehicles to everyone. The company has developed groundbreaking electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies and a unique business model that spans the entire vehicle lifecycle. Distinguished by its experienced team of leading technology and automotive companies – Canoo has designed a purpose-built modular electric platform to provide customizable maximum vehicle interior space for all owners throughout the vehicle’s life cycle to to support a wide range of consumer and business vehicle applications. .

Canoo has teams in California, Texas, Oklahoma and Arkansas. For more information, please visit www.canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit 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 can be identified by the use of words such as that “estimate”, “plan”, “project”, “expect”, “intend”, “will”, “expect”, “anticipate”, “believe”, “seek”, “target” or other similar expressions which predict or indicate future events or trends or which 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 measures, expectations and timing related to commercial product launches and the achievement of operational milestones, including the ability achieve and/or accelerate planned production. timelines, Canoo’s ability to capitalize on business opportunities, current or anticipated customer orders and expectations regarding facility development. 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 informational purposes only and are not intended to serve as, and should not be relied upon by, any investor as a guarantee, assurance, prediction or definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from the assumptions. Many real events and circumstances are beyond Canoo’s control. 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, whether through the debt or equity markets, or other sources; the deployment of Canoo’s business and the timing of expected commercial milestones and commercial launch; future market adoption of Canoo’s offerings; risks relating to Canoo’s go-to-market strategy and manufacturing strategy; the effects of competition on Canoo’s future business, and the factors discussed under the headings “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, 2021 filed with the United States Securities and Exchange Commission (the “SEC”) on March 1, 2022, as well as its past and future quarterly reports on Form 10-Q and other documents filed with the SEC, copies of which may be obtained by visiting Canoo’s Investor Relations website at investor.canoo .com or the SEC’s website at www.sec.gov. If one of these risks materializes, or if 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 is not currently aware of or that Canoo currently believes to be 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 regarding future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo’s valuations to change.

However, while Canoo may choose to update these forward-looking statements at some time in the future, Canoo expressly 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 on forward-looking statements.

SOURCE Canoo

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