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Canoo Inc. and VDL Groep B.V. announced that the two companies are exploring opportunities to partner together.
“We appreciate the months of effort VDL Nedcar invested to provide us with a contract manufacturing option, but we have concluded that building in America is better aligned with our mission and current focus to invest in the communities and states that are investing in hi-tech manufacturing alongside us, creating American jobs and innovation. The support from Oklahoma and Arkansas will allow us to achieve SOP earlier and with less risk on many fronts,” said Tony Aquila, Investor, Chairman & CEO at Canoo. “While we decided not to move forward with VDL Nedcar, we also concluded that VDL Groep and the van der Leegte family are the people we want to explore a continuing partnership with as we evaluate the best way and timing to expand Canoo into Europe with less risk and take advantage of advanced manufacturing technologies.”
“We look forward to continuing our relationship with Tony and the Canoo team, as we explore new opportunities together,” said Willem van der Leegte, President & CEO. “We see electric vehicles as a significant economic driver. We are pleased to invest in Canoo and look forward to a long and mutually beneficial relationship.”
The companies have ceased contract manufacturing discussions, which will better facilitate Canoo’s ability to utilize the incentives from Oklahoma and Arkansas. In addition, VDL Nedcar will return Canoo’s prepayment of $30.4 million USD / €25 million EURO. To underline the new relationship VDL Groep will also purchase $8.4 million USD / €7.5 million EURO of Canoo stock.
About Canoo
Canoo’s mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses, Canoo has offices in California, Michigan, and Texas. The company has announced Oklahoma as the site for its U.S. manufacturing facility, R&D, software development and customer support and financing centers. The company also recently announced Northwest Arkansas the site for its headquarters, R&D center, and EV industrialization facility.
For more information, please visit www.canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit investors.canoo.com.
About VDL Nedcar
VDL Nedcar is an experienced Dutch vehicle contract manufacturing company that has been building cars for over 50 years. Since starting as DAF, we have built cars for Volvo, DaimlerChrysler, Mitsubishi and currently BMW. Twenty-three different models – together representing almost six million cars – have rolled off the production line in Born.
About VDL Groep
VDL Groep, with its head office in Eindhoven, is an international industrial family business with 105 companies, spread over 19 countries and with more than 15,000 employees. The VDL companies are divided into four divisions: Supplies, Car Assembly, Buses and Finished Products.
