Electric-car company Canoo seals incentive agreement with Oklahoma, Cherokee

Joy Onuorah
Joy Onuorah
Canoo signs incentive agreement with Cherokee, Oklahoma

Burgeoning startup, Canoo, has unveiled groundbreaking incentive agreements with the state of Oklahoma and the esteemed Cherokee Nation, setting the stage for a transformative injection of approximately $113 million over the course of the next decade.

This visionary move has already set the wheels in motion, as Canoo has embarked on a robust recruitment drive for its pioneering vehicle assembly hub nestled in the heart of Oklahoma City.

Simultaneously, the gears of progress have been activated at the battery manufacturing stronghold in Pryor, creating a symphony of innovative potential poised to reshape the automotive landscape.

Elevating this collaborative initiative, the Department of Commerce has crafted a strategic framework that promises performance-based rewards, opening the gateway for Canoo to reap the benefits of state tax credits and exemption programs.

This symbiotic relationship manifests the State’s commitment to nurturing technological ingenuity and economic growth, while propelling Canoo’s pioneering strides towards automotive excellence.

With an ambitious investment trajectory that surges beyond $320 million, the fledgling powerhouse is set to infuse these funds into its multifaceted facilities within the state.

Earlier this year, Canoo laid the cornerstone for its vehicle manufacturing sanctuary in Oklahoma City through a long-term lease agreement.

This visionary announcement comes on the cusp of Canoo’s impending financial disclosure. Market analysts, guided by Refinitiv data, anticipate the startup to unveil a projected loss of approximately $75 million in their forthcoming second-quarter report, poised to be unveiled following the close of markets on this momentous Monday.

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