Canoo will initially occupy 500,000 square feet of the 630,000 square-foot space that’s already located within easy proximity to road, rail, and waterways. That facility also has the capability to incorporate renewable energy. During phase 1, Canoo says it will employ 500 people and this is expected to increase in “the coming months.”
Canoo was founded back in 2011 and only a few years later entered into an agreement with Hyundai Motor Group to jointly develop its skateboard platform. Hyundai, initially keen on using that platform for its own future EVs, later left the agreement for unspecified reasons.
Canoo was left struggling financially for the next few years and yet it somehow hung on for dear life. It went public in 2020 as part of a SPAC merger, which was being investigated by the Securities and Exchange Commission (SEC) over possible improprieties. This past February, Canoo saw its shares drop after deciding to sell discounted shares to raise $52.5 million, money badly need to get production started.
