Canoo (NASDAQ: GOEV) shares surged almost 3% on Wednesday following the creation of over 100 new jobs in Oklahoma, marking a key hiring milestone. The state now hosts 20% of Canoo’s entire workforce.
Canoo (GOEV) is expanding its workforce at the Oklahoma City vehicle manufacturing facility and the battery module assembly facility in Pryor as it scales up production for more customer deliveries in 2024. This move comes after the company acquired additional manufacturing assets to boost its vehicle assembly capacity.
Canoo (NASDAQ: GOEV) is expanding its Oklahoma team to ramp up manufacturing and fulfill 18,000 committed orders, generating $750 million in revenue over multiple years. More than 90% of the Canoo team in Oklahoma comprises locals, with military veterans and Native Americans, each constituting around 10% of the company’s workforce in the state.
Tony Aquila, Investor, Executive Chairman, and CEO of Canoo, said,
“With our manufacturing hub established in Oklahoma, we are able to build our team by bringing onboard the dedicated and hard-working people of Oklahoma who have experience in manufacturing.”
He added,
“We are creating high-paying jobs and building a world-class manufacturing team that will play a critical role in the revenue-generating phase of our growth.”
The Oklahoma City manufacturing workforce at Canoo receives annual wages around 37% higher than the local average for similar roles in the Oklahoma City metropolitan area. The company is actively filling around 30 open positions in the state, collaborating with partners such as Express Employment Professionals, Canadian Valley Technology Center, Atlas School, Oklahoma Department of Commerce, Cherokee Nation, and Pawnee Nation to strengthen and expand its workforce.
Canoo Canoo stock GOEV NASDAQ: GOEV
