Canoo Inc. (GOEV)

Canoo production starts could slip, but CEO remains confident in funding

Start of production by electric vehicle maker Canoo Inc at its Arkansas and Oklahoma assembly plants could slip due to supply-chain pressures, but its chief executive remains bullish on the company's ability to raise money. The global chip shortage and higher material costs could, in a worst-case scenario, delay start of vehicle production at Canoo's Arkansas plant by a few weeks into early next year from the fourth quarter this year, CEO Tony Aquila said Wednesday. In addition, start of production at Canoo's planned plant in Oklahoma could slip from late 2023 into 2024, he said.

EV Roundup: Quarterly Reports of RIVN, WKHS, SOLO, GOEV & RIDE in Focus

While Rivian (RIVN) and Lordstown (RIDE) post a narrower-than-expected loss in Q1, ElectraMeccanica (SOLO), Canoo (GOEV) and Workhorse (WKHS) incur a wider-than-anticipated loss.

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How Lordstown and Canoo Can Get the Cash They Need to Make EVs

Producing cars in significant volume will require more money, but issuing stock at the shares' current prices would badly dilute stockholders.