Canoo Technologies (NASDAQ: GOEV), a leading high-tech advanced mobility company, today announced the purchase of manufacturing assets at dramatically reduced prices to scale production at its Oklahoma City facility.
Canoo purchased a cache of manufacturing assets, from robotics to controls processing equipment that will be used to build vehicle cabins. As Canoo scales manufacturing to make additional customer deliveries in 2024, the company is continuously exploring ways to acquire high-value equipment at reduced prices through alternative routes. Canoo purchased the assets at a discounted price of over 80 percent of 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,” said Greg Ethridge, Chief Financial Officer at Canoo. “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.”
Ramesh Murthy, Chief Accounting Officer at Canoo, added: “While many companies invested in capital equipment prematurely, we continue to phase our investment with our growth. These opportunities to acquire assets at significantly discounted prices have allowed us to further reduce our 2023 capital expenditures and also to improve our guidance by millions of dollars.”
These newly purchased assets will be used in Oklahoma to drive Canoo’s manufacturing strategy and create advanced manufacturing jobs in the state of Oklahoma.
