Electric vehicle maker Canoo Inc (NASDAQ:GOEV). attracted plenty of market interest today after announcing plans to buy a vehicle manufacturing facility in Oklahoma City which will produce the group’s LDV and LV vehicles.
The facility will have capacity for up to 20,000 units by the end of 2023.
Trading in the company was brisk after the news with volumes 1.5x the daily average although shares were marked down by 2%.
READ: Canoo stock skyrockets after EV-maker inks deal to supply Walmart with last-mile delivery vehicles
Tony Aquila, chairman and CEO at Canoo said: "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 shift all our equipment into our new facility during 1H23 with production ramp in 2H23."
The Arkansas-based EV maker hit the headlines in July after it was chosen to partner with Walmart Inc. to power the retail giant’s delivery fleet.
Under the agreement, Walmart is set to purchase 4,500 Canoo EVs to be used for last-mile deliveries, with the option to purchase up to 10,000 units.
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