American automotive startup, Canoo Inc. (NASDAQ:GOEV) revealed Monday that the California-based EV maker has finalized incentive agreements with the state of Oklahoma and the North American tribe Cherokee Nation.
As part of the deal, Canoo has begun hiring for its vehicle assembly facility in Oklahoma City and battery manufacturing factory in Pryor. The agreement, worth $113 million over 10 years with the Department of Commerce, allows Canoo to earn performance-based payouts and qualify for state tax credits and exemptions.
"It's been a multi-year effort to get to this point, and we are delighted to have finalized these agreements which enable Canoo to hire more than 1,300 Oklahomans and fulfill the vision of its state and tribal leaders to bring new industry to the state," says Canoo CEO, Tony Aquila.
The electric automaker also announced that they have signed on-the-job training agreements with the Cherokee Nation. The agreement will see the Cherokee Nation collaborating with Canoo to locate skilled workers from their reservation for staffing the Pryor battery module manufacturing site.
According to Refinitiv data, analysts anticipate the startup to reveal a loss of approximately $75M in its second quarter results, which will be announced after the markets close on Monday.
Shares of GOEV are down 2.87% in early trading Monday.