BENTONVILLE, Ark. — Electric vehicle startup Canoo said Monday (Nov. 15) it’s planning for a major expansion in Northwest Arkansas.
The Texas company, based in Justin near Dallas/Fort Worth, said in its third-quarter earnings release that it’s selected Bentonville for its corporate headquarters and advanced industrialization facility. The company also plans a research and development center in Fayetteville.
In March of this year, Tony Aquila became the company’s CEO. Previously based in Los Angeles, the company expects to begin production of its cars in 2022.
“In June we announced Pryor, Okla., as the location for our owned manufacturing facility.” Aquila said in the earnings release. “We have expanded this partnership to include Arkansas and additional locations in Oklahoma. We will now focus on completing the definitive agreements with each state, which will include approximately $100 million in additional non-dilutive financial incentives, making the total approximately $400 million.”
Aquila said that in addition to those agreements, Canoo is targeting approximately $100 million in vehicle orders with the states and universities where the company is locating the facilities.
To read more of this article, please visit our content partner Talk Business & Politics.