Canoo (NASDAQ:GOEV) stock is on the move Wednesday after the electric vehicle (EV) company announced a new factory in Oklahoma.
Let’s go over everything investors in GOEV stock need to know about the company’s new factory.
- First off, the location will be used for the manufacturing of battery modules for EVs.
- When fully running, it will be able to generate 320 MWh of battery module manufacturing capacity.
- The facility is located at the MidAmerica Industrial Park in Pryor, Oklahoma.
- The building is 100,000 square feet in size and is located on a 10-acre campus.
- Canoo intends to start renovations in the fourth quarter of 2022.
- Following that, it expects the delivery of manufacturing machinery in the first quarter of 2023.
- When the facility is ready to go, Canoo will kick off workforce training programs to bring in local residents for work.
- It’s also worth mentioning that the EV Battery Module Manufacturing Facility will be nearby the MegaMicro Factory.
- This is Canoo’s factory for the manufacturing of its EVs.
- It covers a 400-acre campus and will handle the general assembly of the vehicles.
Canoo is Preparing to Hire Employees
Tony Aquila, chairman and CEO of Canoo, said the following in a press release:
“We are accelerating our hiring plans in Pryor with the establishment of our EV Battery Module Manufacturing Facility, which will produce our proprietary battery modules, energy management system and thermal control technology for our MPP platform.”
GOEV stock is down slightly as of Wednesday morning.
Investors looking for more of the latest stock market news are in luck!
InvestorPlace has them covered with all of the hottest stock market news for Wednesday! Among that is what has shares of Paramount Global (NASDAQ:PARA), CVS Health (NYSE:CVS), and AMD (NASDAQ:AMD) stock moving today. You can find all of that news at the following links!
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.