Canoo completes acquisition of manufacturing assets from Arrival [Seeking Alpha]
Canoo Inc. - Class A (GOEV)
Company Research
Source: Seeking Alpha
The assets purchased in the transaction are expected to accelerate Canoo's ( GOEV ) transition to automated processes by shortening purchase lead times by over 40%, reducing capital expenditures by 20%, and eventually lowering unit costs. The company said the purchased assets will be collected into more than 20 containers and shipped by sea to Canoo's ( GOEV ) manufacturing facilities in Oklahoma. Following the announcement of the deal in January, the assets were transported from Arrival's North Carolina facility and received at Canoo's ( GOEV ) Oklahoma facility where commissioning is underway. Canoo ( GOEV ) noted that it has the necessary manufacturing equipment to deliver 2024 production. The acquisition is expected to expand its capabilities to deliver its 2025 production at significantly lower costs. Canoo's ( GOEV ) strategy in the near term is to improve its processes and product quality while it is producing at low volumes, allowing for simultaneous completion of supply
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GOEV
News
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GOEV
Earnings
- 4/1/24 - Beat
GOEV
Sec Filings
- 4/16/24 - Form SC
- 4/16/24 - Form 4
- 4/12/24 - Form S-8
- GOEV's page on the SEC website