Canoo Selects VDL Nedcar As Manufacturing Partner

• Electric vehicle manufacturer Canoo Inc (NASDAQ: GOEV) has announced owned and contract manufacturing plans.

• VDL Nedcar, a Netherlands-based automotive manufacturing company, will be Canoo’s contract manufacturing partner.

• Nedcar will manufacture the Lifestyle Vehicle for the U.S. & E.U. markets while Canoo builds its US-based mega micro-factory.

• Through contract and owned manufacturing, Canoo will meet its commitment to start production and deliver vehicles in Q4, 2022.

• The Nedcar facility is slated to build up to 1,000 units for both the U.S. and European markets in 2022, targeting 15,000 units in 2023.

• “They are the top trusted European manufacturer building high-quality products for leading OEMs, and they significantly outcompeted the other contenders,” said Tony Aquila, Chief Executive Officer, Canoo.

• Price action: GOEV shares are trading lower by 2.75% at $9.92 on the last check Thursday.

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