Canoo reports $80 million 4Q loss but vows to ramp up OKC plant operations

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Fourth quarter results show EV maker Canoo Inc., the company with plans to add a manufacturing plant in Oklahoma in addition to two operations underway in Pryor and Arkansas, revealed a more than $80 million loss.

The loss equaled to 25 cents a share and compared to the $138.11 million or 60-cents a share loss reported a year ago. Canoo’s fiscal 2022 loss was $487.69 million or $1.81 a share while a year earlier, the firm’s loss was $346.77 or $1.52 a share loss.

But Chief Executive Officer Tony Aquila still promised production of his EVs would hit a 20,000 unit annual rate by the end of the year reported the Arkansas Democrat-Gazette.

He told a fourth quarter conference call there were more than $2.8 billion in orders in the firm’s pipeline.

It was in December 2022 when Canoo reached a financial deal with Oklahoma City to take over an empty structure to locate a manufacturing plant along Interstate 40. The city also agreed to make some financial incentives for Canoo.

Canoo shares closed at 62 cents in Monday’s trading on the Nasdaq exchange. It reflected a loss of more than 5%. Company shares have traded as low as 54 cents but in the past year also went as high as $6.25.

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