Canoo's strategic move to Oklahoma and Texas will enhance economic growth in Electric Vehicle sector

Canoo Inc. will migrate its engineering workforce to its two established Oklahoma locations, Oklahoma City and Pryor, and will relocate its corporate headquarters from Torrance, California, to Justin, Texas.

“It’s an honor to partner with the state of Oklahoma and its workforce to create a legacy for electric vehicles in America’s Heartland,” said Tony Aquila, Investor, Executive Chairman and CEO of Canoo.

Canoo is a technology equipment manufacturer for commercial, government and fleet electric cargo vehicles. The company boasts world-class vehicle and battery facilities located in Oklahoma City, which was designated as a Foreign Trade Zone (FTZ) earlier this year.

“This FTZ will generate economic growth, American jobs and have a long-term permanent financial benefit to working capital and cost of materials,” Aquila said. “We want to say a big thank you to the US Department of Commerce, the Port Authority of the Greater Oklahoma City Area, our team and all our supporters and partners for guiding us to this important accomplishment.”

Canoo’s primary motivation for relocating to Oklahoma is the co-location of its engineering and manufacturing operations located at the company’s vehicle manufacturing facility in Oklahoma City. This facility, which spans approximately 500,000 square feet, has significant potential for future expansion.

The decision to move will improve Canoo’s operational efficiencies and encourage collaboration, assisting the company to achieve its goals toward step level ramp manufacturing.

Beginning in the fourth quarter of 2024, nearly 137 engineers will relocate to Texas and Oklahoma, with approximately 75% in Oklahoma. Upon moving, Canoo is also opening numerous positions for hire across Texas and in Oklahoma City, which will offer nearly 150 positions to future employees.

Canoo estimates these initiatives will generate $15 million in new taxes from the relocations of its engineering teams and headquarters, with an anticipated $150 million in new tax base over the next decade.

Canoo’s vehicles are currently in use with USPS, Walmart, NASA and other large commercial, government and fleet customers. The company emphasizes its innovative, design-focused innovative electric cargo vehicles are transforming the commercial vehicle landscape, with the vehicle's modular electric platform designed to maximize the interior space and support a wide range of needs.