High-tech mobility company, Canoo (GOEV) announced Monday that the company has purchased manufacturing assets at significantly discounted rates, aimed at expanding production at its Oklahoma City facility.
Canoo purchased a cache of manufacturing assets, including robotics and control processing equipment used for making vehicle cabins.
As Canoo prepares to increase its production for more deliveries in 2024, it's trying to get high-quality equipment at cheaper prices from different sources. The company bought these assets at a discount of over 80% from their estimated value.
“We are a creative and adaptive team and continue to find alternative ways to acquire manufacturing assets to meet our production goals and customer commitments,” said CEO Greg Ethridge.
The assets recently acquired by Canoo will be utilized in Oklahoma, contributing to Canoo's manufacturing plans and generating advanced manufacturing employment opportunities within the state.
Shares of GOEV are up 14.8% in early trading Monday morning.