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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.

Canoo Oklahoma
Canoo’s incoming battery module facility in Pryor, Oklahoma / Credit: Canoo

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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Wheel-E Podcast: EBC merger, Super73 recall, Bafang tour, more

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Wheel-E Podcast: EBC merger, Super73 recall, Bafang tour, more

This week on Electrek’s Wheel-E podcast, we discuss the most popular news stories from the world of electric bikes and other nontraditional electric vehicles. This time, that includes a merger between Electric Bike Company and Integral Electrics, California looking to clamp down further on Sur Ron hooligans, a Super73 recall, Cowboy’s production move, a tour inside Bafang’s factory in China, and more.

The Wheel-E podcast returns every two weeks on Electrek’s YouTube channel, Facebook, Linkedin, and Twitter.

As a reminder, we’ll have an accompanying post, like this one, on the site with an embedded link to the live stream. Head to the YouTube channel to get your questions and comments in.

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After the show ends, the video will be archived on YouTube and the audio on all your favorite podcast apps:

We also have a Patreon if you want to help us to avoid more ads and invest more in our content. We have some awesome gifts for our Patreons and more coming.

Here are a few of the articles that we will discuss during the Wheel-E podcast today:

Here’s the live stream for today’s episode starting at 9:00 a.m. ET (or the video after 10:00 a.m. ET):

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NIU unveils new electric microcar with impressive $8,300 target price

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NIU unveils new electric microcar with impressive ,300 target price

NIU, best known as a leader in the electric moped market, has expanded considerably over the last few years. In addition to offering a hot-selling new electric dirt bike and showing off concepts for electric ATVs, the company is now unveiling an electric microcar known as the NIUMM 500.

Still in its prototype stage, the two-seater NIUMM 500 electric microcar is designed to fit into L6e category of light quadricycles in Europe. As a quadricycle, these vehicles are technically not “cars” in the traditional sense (or in the legal sense), and thus have their own set of regulations that help streamline their path to production. Other popular microcars, such as the Citroen Ami, have taken a similar path and reached success with over 30,000 units sold.

With a target price of €8,000 (approximately US $8,300), the NIUMM 500 is intended to fill that niche role of a comfortable, weather-protected urban commuter, going beyond a typical moped or motorcycle with the advantages of locking storage and the ultimate achievement of staying dry in the rain.

In order to qualify as an L6e vehicle though, there are certain restrictions such as speed and power that prevent the NIUMM 500 from laying down the fastest lap times. A top speed of 45 km/h (28 mph) keeps the microcar city-oriented, though you could probably tell by looking that this isn’t a highway vehicle.

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In some countries, light quadricycles don’t even require a full car driver’s license, instead allowing the operator to hold a more easily-obtainable moped permit.

Despite the speed limitation, the little electric microcar has a lot going for it. The traditional steering wheel control and two-pedal drive setup will feel familiar to seasoned car drivers, yet the vehicle offers a more moped-like parking experience by taking up a mere fraction of a parking spot. The narrow size helps squeeze through tight city streets, though you likely won’t be lane splitting quite like a moped.

Back on the car-like side of things, electric locks and power windows come standard (including a power rear windshield), as does electric heating. Optional add-ons include a sun roof and air conditioning. There’s a decently large storage area behind the two seats, and another small storage area in front of the passenger seat.

And in another nod to its hybrid design, halfway between a moped and a car, the NIUMM 500 can even be outfitted with removable batteries (straight from NIU’s NQiX electric mopeds). The removable battery version allows apartment dwellers or others without access to street-level parking to still own and charge their own microcar. Just like how I charge my own NIU batteries at home, owners can simply carry the batteries up the elevator and charge them in their apartment.

For those with charging access though, there’s a fixed battery version with a larger 7 kWh capacity. It gets an impressive 118 km (73 miles) of range, compared to the removable battery version’s 60 km (37 miles) of range.

Both appear to feature the same 5 kW motor with a peak output of 10 kW – also the same drivetrain from the NIU NQiX electric moped.

NIU is currently showing off the new vehicle at the Motorrad show in Dortmund, Germany.

There’s no word yet on if or when the NIUMM 500 will see production, but based on conversations with company insiders, it sounds like NIU is fairly serious about the microcar’s future.

Here’s to hoping it sees the road soon, and that they can keep that target price in check on the way there.

Electrek’s Take

Yes, I’m all in on this!

I LOVE electric microcars. Give me a tiny car, a golf cart, whatever you want to call it, and I’ll take it. For city commuters, 25 mph is often sufficient, and since many people don’t feel safe on a scooter, these types of vehicles fit the bill as lighter and more efficient alternatives to a car that still carry some benefits of a scooter or moped.

I tested out Wink Motors’ vehicles in NYC a couple of years ago and got around the city just fine with a top speed of 25 mph, so I think these could even work in the US. But of course Europe is the primary target here thanks to their more conducive quadricycle laws.

If anyone at NIU is reading this, I will travel to review!

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Renewables generated 24.2% of US electricity in 2024 – EIA data

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Renewables generated 24.2% of US electricity in 2024 – EIA data

Renewables increased their output by almost 10% and provided nearly a quarter of US electrical generation in 2024, according to newly released US Energy Information Administration (EIA) data.

Solar was still No 1

Solar remained the US’s fastest-growing source of electricity in 2024. Utility-scale and “estimated” small-scale (e.g., rooftop) solar combined increased by 26.9% in 2024 compared to the same period in 2023, according to the SUN DAY Campaign, which reviewed EIA’s “Electric Power Monthly” report data.

Utility-scale solar thermal and photovoltaic expanded by 32%, while small-scale solar increased by 15.3%. Together, solar was nearly 7% (6.91%) of total US electrical generation for the year.

In December alone, electrical generation by utility-scale solar expanded by 42% compared to December 2023.

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Small-scale solar (systems <1 MW) accounted for 27.9% of all solar generation and provided 1.9% of the US electricity supply in 2024. In fact, small-scale solar PV generates over five times more electricity than utility-scale geothermal.

2024 renewables milestones

The electrical output of US wind farms in 2024 grew by 7.7% year-over-year. Wind remains the largest source of electrical generation among renewable energy sources, accounting for 10.3% of the US total.

Wind and solar combined provided more than 17.2% of US electrical generation during 2024. The mix of all renewables – wind, solar, hydropower, biomass, geothermal – provided 24.2% of total US electricity production in 2024 compared to 23.2% of electrical output a year earlier.

Between January and December, electrical generation by renewables grew by 9.6% compared to the same period the year before – nearly three times the growth rate of natural gas (3.3%) and over 10 times that of nuclear power (0.9%).

In December alone, electrical generation by renewables grew by 10.1% compared to December 2023.

Wind and solar together produced 15.9% more electricity than coal and came close to matching nuclear power’s share of total generation (17.2% vs. 17.8%).

The mix of renewables reinforced their position as the second largest source of electrical generation, behind only natural gas.

“Renewable energy sources now provide a quarter of the nation’s electricity,” said the SUN DAY Campaign’s executive director, Ken Bossong. “Consequently, the rash efforts of the Trump Administration to undermine wind, solar, and other renewables will have serious negative consequences for the nation’s electricity supply and the economy.”

Read more: Renewables provided 90% of new US capacity in 2024 – FERC


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