Canoo finalizes incentive package with Oklahoma, Cherokee Nation

Canoo

14/08/2023 14:10

Aug 14 (Reuters) - Electric-vehicle startup Canoo
 GOEV.O  said on Monday it finalized incentive agreements with
the state of Oklahoma and the North American tribe Cherokee
Nation, for an estimated value of $113 million over 10 years. 
    As part of the agreements, Canoo said it has already started
hiring for its vehicle assembly facility in Oklahoma City and
the battery manufacturing factory in Pryor.
    The company said the agreement with the Department of
Commerce will enable Canoo to receive performance-based payouts
and make it eligible for some state tax credit and exemption
programs.
    Canoo, which will invest more than $320 million at both its
facilities in the state, had entered into a long-term lease
agreement for the vehicle manufacturing facility in Oklahoma
City earlier this year.
    Analysts expect the startup to report a loss of about $75
million when it reports second-quarter results after markets
close on Monday, according to Refinitiv data.
    

 (Reporting by Tanya Jain and Akash Sriram in Bengaluru; Editing
by Krishna Chandra Eluri)
 ((Tanya.Jain@thomsonreuters.com;))