Massive new car factory for Pryor

[tulsabug]

Back to the Canoo topic -  I don't think they're vaporware but I don't see any future where they're going to survive for very long. They absolutely don't need a car factory and I think having one will put them under posthaste. Seems like they're trying to jump from baby steps to an outright run which is a surefire recipe for disaster. If they have a contract to build that jellybean minivan at VDL Nedcar, then they should first see the market reaction to their product before going all out. Perfect the recipe and if folks dig it then expand. Besides, I can't imagine running your own factory can be any cheaper than having these cars built at someone else's factory and then shipping them over. Do they honestly think they have anything that anyone is going to want to buy 150000 of a year? That's more cars than VDL Nedcar makes a year and they build or have built cars for just about everyone. I wish them all the best and I hope they are magically successful but right now it just feels like they're punch drunk with investor money which they think is going to keep coming in so lets not plan very long term. Honestly - once the big established car manufacturers really start kicking out electric vehicles in the next few years it's going to be another dot-com bubble with all these little independents.

[SXSW]

Hoping for the best with Canoo but it's still an unproven start-up.  If not Canoo though there will likely be others and the 412 (future Interstate) corridor is well-positioned for them either at the Tesla site in East Tulsa, Port of Inola and/or Mid-America.

[TulsaBeMore]

Hoping for the best with Canoo but it's still an unproven start-up.  If not Canoo though there will likely be others and the 412 (future Interstate) corridor is well-positioned for them either at the Tesla site in East Tulsa, Port of Inola and/or Mid-America.

I could be wrong, but what little research I did the day this was announced showed a regulatory inquiry into the management of Canoo as the founders and initial c-suite resigned abruptly over course of a year or two.  Wishing for the best, not surprised if it doesn't happen.  Hopefully, the state & other local stakeholders are being smart with the inducement money.    

[SXSW]

Still some hurdles ahead for this company but this is positive news

https://techcrunch.com/2021/08/16/ev-startup-canoo-is-gearing-up-for-production-in-oklahoma-factory/

Anyone heard of Francis Energy?  It's a Tulsa-based EV charging start up that seems to be on a hiring growth spurt.

https://francis.energy/

[ComeOnBenjals]

Electric vehicle maker Canoo to add 375 Tulsa jobs, locate technology hub, software development centers

https://tulsaworld.com/business/local/electric-vehicle-maker-canoo-to-add-375-tulsa-jobs-locate-technology-hub-software-development-centers/article_ec708908-4641-11ec-80ac-9f4412bb7314.html#tracking-source=home-top-story-1

[smitteebc]

The article also said they have plans to move their HQ to Bentonville, which is interesting. Obviously I would much rather that come to Oklahoma, but this seems like a positive for the plant and these new Tulsa jobs to become a reality.

[LandArchPoke]

The article also said they have plans to move their HQ to Bentonville, which is interesting. Obviously I would much rather that come to Oklahoma, but this seems like a positive for the plant and these new Tulsa jobs to become a reality.

My best guess to this move is Walmart is going to be ordering a bunch of their vans for delivery maybe or something like that... maybe even JBHunt?

Walmart has a requirement if you're a vendor you have to have a presence in NWA. That's what's really accelerated NWA growth the last 20 years really. So they open a small HQ office in NWA to kiss up to Walmart and the vast majority of jobs are in Oklahoma. Just my best guess, I don't really have any info to back that up but it seems to make sense.

[SXSW]

My best guess to this move is Walmart is going to be ordering a bunch of their vans for delivery maybe or something like that... maybe even JBHunt?

Walmart has a requirement if you're a vendor you have to have a presence in NWA. That's what's really accelerated NWA growth the last 20 years really. So they open a small HQ office in NWA to kiss up to Walmart and the vast majority of jobs are in Oklahoma. Just my best guess, I don't really have any info to back that up but it seems to make sense.

There appeared to be a rendering in the press release about the Tulsa R&D center.  Any thoughts on whether this goes downtown?  375 new tech jobs would be a nice shot in the arm

[smitteebc]

There appeared to be a rendering in the press release about the Tulsa R&D center.  Any thoughts on whether this goes downtown?  375 new tech jobs would be a nice shot in the arm

That picture was from the original announcement for the Pryor plant. The rendering was for that I believe.

[heironymouspasparagus]

My best guess to this move is Walmart is going to be ordering a bunch of their vans for delivery maybe or something like that... maybe even JBHunt?

Walmart has a requirement if you're a vendor you have to have a presence in NWA. That's what's really accelerated NWA growth the last 20 years really. So they open a small HQ office in NWA to kiss up to Walmart and the vast majority of jobs are in Oklahoma. Just my best guess, I don't really have any info to back that up but it seems to make sense.

Didn't say how many, but Walmart has ordered some Tesla Semis.


https://www.businessinsider.com/companies-that-ordered-tesla-semi-2017-12?op=1

[LandArchPoke]

Didn't say how many, but Walmart has ordered some Tesla Semis.


https://www.businessinsider.com/companies-that-ordered-tesla-semi-2017-12?op=1

It would make sense for Canoo to look into Semi's given their other vehicles. My bet is Walmart is looking into an Amazon type structure where they'll have their own delivery services in major markets as well and thus would need lots of cargo vans. Outside of Rivian that's not really another EV company that has offerings like Canoo in the cargo van category. I'd think FedEx and UPS, etc. would be prime targets for Canoo. Even if Walmart isn't ordering vehicles from them yet I'd bet they are becoming an investor at least if they are picking up and moving the HQ from California to move to NWA. 

[tulsabug]

There appeared to be a rendering in the press release about the Tulsa R&D center.  Any thoughts on whether this goes downtown?  375 new tech jobs would be a nice shot in the arm

I've heard there's this snazzy new building downtown on Detroit that could totally use some tenants...

[LandArchPoke]

https://tulsaworld.com/business/local/mayes-county-examines-proposed-tif-for-midamerica-industrial-park/article_1178e8ba-83ac-11ec-b70f-1fdf01298260.html#tracking-source=home-top-story-1

Anyone have any info on companies looking at Mid America? In the article they said:

"Stewart projects that private investment in the TIF, if approved, would be $5 billion to $6 billion over the first five years of the TIF, which is capped by state statute at 25 years."

The TIF will only cover undeveloped land currently - so sounds like they have some massive potential projects in the pipeline. Maybe additional data centers? $5-6 Billion is a lot, the Canoo factory is only estimated at around $400 million.

[SXSW]

https://tulsaworld.com/business/local/mayes-county-examines-proposed-tif-for-midamerica-industrial-park/article_1178e8ba-83ac-11ec-b70f-1fdf01298260.html#tracking-source=home-top-story-1

Anyone have any info on companies looking at Mid America? In the article they said:

"Stewart projects that private investment in the TIF, if approved, would be $5 billion to $6 billion over the first five years of the TIF, which is capped by state statute at 25 years."

The TIF will only cover undeveloped land currently - so sounds like they have some massive potential projects in the pipeline. Maybe additional data centers? $5-6 Billion is a lot, the Canoo factory is only estimated at around $400 million.

Semiconductor fabs in Texas and Ohio are closer to $20B.  Could be a data center or possibly something related to Canoo/EV's like batteries.

[tulsabug]

It would make sense for Canoo to look into Semi's given their other vehicles. My bet is Walmart is looking into an Amazon type structure where they'll have their own delivery services in major markets as well and thus would need lots of cargo vans. Outside of Rivian that's not really another EV company that has offerings like Canoo in the cargo van category. I'd think FedEx and UPS, etc. would be prime targets for Canoo. Even if Walmart isn't ordering vehicles from them yet I'd bet they are becoming an investor at least if they are picking up and moving the HQ from California to move to NWA.  

I'm worried by the time Canoo manages to build something it's not going to matter. Ford has started production of it's E-Transit Electric Van and deliveries will probably start next month. With Ford already owning 40% of the cargo van market, this will only expand that which leaves even less pie for Canoo to get a slice of. Rivian has their cargo vans for Amazon already out - the small ones are being delivered with the two larger sizes in the works, GM's new BrightDrop division is already delivering it's EV600 to FedEx and WalMart and I read will be taking orders in general soon, and the Mercedes eSprinter is coming out next year in the US but is already out in Europe (plus an electric version of their Metris). Plus - the Dodge ProMaster is available in Europe as an electric currently as is the Nissan NV200 and since both of those are already sold here as ICE versions the electric ones could appear at any time.