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Canoo Acquires Discounted Equipment to Increase Vehicle Assembly in OKC Plant

1 min read

The electric vehicle-maker Canoo Inc., which has plans to open offices in northwest Arkansas, announced it has purchased “manufacturing assets at dramatically reduced prices” to scale production at its manufacturing facility in Oklahoma City.

Canoo (NASDAQ: GOEV) said it purchased a cache of manufacturing equipment, including robotics and controls processing equipment, that will be used to build vehicle cabins. The machinery was purchased at a discounted price of over 80% of its estimated value.

“We are a creative and adaptive team and continue to find alternative ways to acquire manufacturing assets to meet our production goals and customer commitments,” Greg Ethridge, Canoo’s chief financial officer, said in a statement. “With the increasing cost of capital environment, the Canoo team has been diligent in deploying capital and has aggressively pursued critical manufacturing assets at reduced prices.”

The equipment will be used in Oklahoma to drive Canoo’s manufacturing strategy and create more jobs, the company said.

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