Canoo (GOEV) finds path to customer deliveries by leasing Oklahoma manufacturing facility
EV startup Canoo has announced a long-term lease of an existing production facility in Oklahoma City, where it will operate a full and final assembly line for its flagship Lifestyle Vehicles (LVs).
Today’s latest entry in the Canoo ($GOEV) saga should come as welcomed news for those rooting for the EV startup whose short, six-year tenure could be described as nothing short of a roller coaster ride of highs and lows.
During its Q4 earnings released last week, Canoo put a $1.5 million bookend on an SEC investigation that alleged that certain former senior executives misled investors in late 2020 and early 2021 regarding the startup’s revenue projections.
With that ordeal behind it, Canoo can focus on reaching scaled production of its LVs and Lifestyle Delivery Vehicles (LDVs) with the $36.6 million remaining cash and equivalents it has as of December 31, 2022.
With an ever-shrinking financial runway in front of it, Canoo continues to get scrappy in order to finally achieve long-promised scaled production in Oklahoma. Today’s news brings the startup a step closer, as it looks to enter its next phase of EV development. Here’s the latest.
According to news out of the Canoo pressroom today, it has signed a long-term lease with AFV Partners to use its vehicle manufacturing facility in Oklahoma City, OK. AFV is led by executive chairman and CEO Tony Aquila, who is also the current chairman and CEO of Canoo. Aquila spoke about Canoo’s progress in The Sooner State:
One of the reasons we picked Oklahoma is because it has one of the most amazing workforces in America. They have proven themselves across many industries, including aviation and aero defense, which is why we are excited to announce our second manufacturing facility in Oklahoma City, following our Vehicle Module Manufacturing Facility event on April 5, in Pryor, OK. I want to thank Mayor Holt and the people of Oklahoma City for welcoming us.
To begin, Canoo will occupy 500,000 square feet of the 630,000 sq. ft. site which already offers easy access to road, rail, and waterways, plus plenty of room for expansion on over 120 acres. The newly leased site will help Canoo employ over 500 Oklahomans who will operate the startup’s full and final assembly lines, body shop, paint shop, quality control, and vehicle testing/validation.
The lease in Oklahoma City will join a previously announced battery facility about 150 miles northeast in Pryor, OK – a facility that recently missed a construction deadline that negated up to $10 million in state incentives.
Previously, Aquila said the newly announced Oklahoma operation would allow Canoo to get a much-needed jolt to produce electric vehicles while the factory in Pryor is being built. As a result, Canoo continues to zig-zag along its path toward scaled production, but funding remains a huge factor in its success.
The company reported a net loss of $80.2 million for Q4 2022, totaling a loss of $487.7 million for the year. Looking ahead, Canoo expects operating expenses to be between $55 and $70 million with CAPEX between $30-$45 million in Q1 of 2023 as it enters the next stage of development. According to Aquila, the next phase will be “more focused on milestones versus event-based or just-in-time” that will “lower the cost, make more efficient use of capital, and allow us to focus on long term success.”
In order to stay afloat, CFO Ken Magnet said Canoo is “exploring a number of diversified funding sources,” stating that the startup can now file for options like the Department of Energy’s loan program, now that the SEC investigation has been resolved. Canoo treks forward for now.
Be sure to check back with Electrek for the latest updates.
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The State of California is moving to ban the sale of Tesla cars amid claims that the company and its CEO, Elon Musk, have misled buyers about the self-driving capabilities of their cars. We’ve also got market-leading news out of Vietnam and a pricey, pricey lesson for one VW ID.Buzz buyer on today’s lesson-learning episode of Quick Charge!
We also ask what this might mean for the recent Uber/Lucid autonomous taxi tie-up and go through a full rundown of the fastest depreciating EVs on the market (and yes, there are four Tesla models in the top 10 … because the Cybertruck was too new to qualify).
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If you’re considering going solar, it’s always a good idea to get quotes from a few installers. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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Sunrun is putting tens of thousands of home batteries to work in Puerto Rico as the island’s electric grid faces a summer of high temperatures and energy shortfalls.
The company says it’s now dispatching energy from over 37,000 residential batteries to help grid operator LUMA keep the lights on. That stored power is being used to prevent rolling blackouts when demand spikes and centralized power plants can’t keep up.
Sunrun’s emergency power contribution has grown more than tenfold since last summer. LUMA expects more than 75 energy shortfall events between now and October, with each dispatch sending electricity to the grid for four consecutive hours. During several recent evenings, Sunrun and other virtual power plant (VPP) operators provided enough energy to offset a 50-megawatt generation gap, LUMA said.
Sunrun CEO Mary Powell said Puerto Rico’s aging infrastructure and intense weather patterns make home battery support increasingly critical:
It’s going to be a very difficult summer, which is why Sunrun has ramped up our dispatch capabilities, using tens of thousands of home batteries to support the grid and people of Puerto Rico.
She added that distributed power plants like Sunrun’s serve the same role as natural gas peaker plants – offering fast, reliable power during high-demand moments – but with clean energy.
Sunrun customers enrolled in the VPP will get paid too. Each participating battery earns about $200 minimum for the season, and customers who allow more of their stored energy to go to the grid earn even more. Sunrun also earns revenue for operating the VPP.
Read more: The US’s largest virtual power plant now runs on 75,000 home batteries
The 30% federal solar tax credit is ending this year. If you’ve ever considered going solar, now’s the time to act. To make sure you find a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage, a free service that makes it easy for you to go solar. It has hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20-30% compared to going it alone. Plus, it’s free to use, and you won’t get sales calls until you select an installer and share your phone number with them.
Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.
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Volkswagen is advertising ID.4 leases starting at just $99 a month. It’s hard to find any car lease these days for under $100 a month, but for $45,000 electric SUV, it’s almost unheard of.
Volkswagen offers ID.4 leases as low as $99 a month
The Volkswagen ID.4 was the third top-selling EV in the US in January after the 2025 model year went back on sale.
Volkswagen’s electric SUV starts at $45,095 with an EPA-estimated driving range of 291 miles. It’s available in five different trims: Pro, AWD Pro, Pro S, AWD Pro S, and AWD Pro S Plus.
The base 2025 VW ID.4 Pro RWD is equipped with 282 hp from a single rear electric motor. Inside, it features a 12.9″ infotainment system with Android Auto and Apple CarPlay support, heated front seats, dual-zone climate control, and Volkswagen’s new ID.Cockpit digital instrument display.
Upgrading to the AWD version will gain a tow hitch and an additional 53 hp, for a combined maximum of 335 hp. The added power comes at the cost of some range, with an EPA-estimated range of 263 miles.
Volkswagen was already offering 2025 ID.4 leases as low as $129 a month, but some dealers are listing it for even less this month.
A California dealership, Volkswagen of Garden Grove, has the 2025 ID.4 Pro RWD listed for lease at just $99 per month. The offer is for 24 months with $2,995 down. According to the dealer, the offer includes a $5,000 cash back bonus, good on a new ID.4 purchase or lease.
We thought the 2025 Hyundai IONIQ 5 was a good deal with leases starting at just $179 per month, but for $99, now that’s a steal.
Looking for deals on the Volkswagen ID.4 near you? You can use our link to find and view offers on the 2025 Volkswagen ID.4 in your area (via a trusted affiliate link)
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