Electric vehicle maker Canoo has furloughed 82 workers at its Oklahoma locations, including Oklahoma City and the unfinished factory in Pryor. This decision is part of the company's efforts to improve its financial situation as it looks for new funding. The furloughed workers include both hourly and salaried employees, which is especially concerning since it comes right before the holiday season, according to KFOR.
The downturn for Canoo has seen its stock halve over roughly the past year, declining from about sixty cents to just thirty-nine cents a share, which reflects investor uncertainty given recent developments including the loss of a potential deal with Walmart, which opted for a fleet from Chevrolet instead, as reported by KFOR.com. The company had initially garnered significant interest when it announced its plans to create 1,400 jobs and produce a fleet of electric vehicles, and the state of Oklahoma delivered an investment of $15 million towards this vision, information corroborated by News on 6.
Furthermore, concerns were raised after it was revealed that Canoo had been awarded a contract without a competitive bidding by the state, bringing the deal under scrutiny. Thought the company has delivered three vehicles to state agencies including the Office of Management and Enterprise Services, the Department of Transportation, and the Department of Corrections earlier in January, the larger commitment to produce a fleet remains unfulfilled, this according to details from the aforementioned KFOR.com report. In statements obtained by various local news outlets, Canoo has expressed regret over the furloughs, stating: “We regret having to furlough our employees, especially during the holidays, but we have no choice at this point. We are hopeful that we will be able to bring them back to work soon," as per News on 6.
Despite these setbacks, Canoo maintains a vision of resurrecting its projects, a sentiment captured in an image featuring the future EV Battery Module Manufacturing Facility at MidAmerica Industrial Park in Pryor, as shown by 2 News Oklahoma. The number of employees Canoo has in total remains unclear, with local media reaching out for more information and the larger context of these employment decisions continues to develop with Canoo's purported efforts to secure necessary capital. As this story unfolds, further updates are anticipated.
