Shares of Canoo (NASDAQ: GOEV) went up in pre-market trading on Thursday even as the electric vehicle (EV) manufacturer’s losses widened to $0.43 per share in Q3 versus $0.35 in the same period last year. Wall Street analysts were expecting a loss of $0.48 per share. Shares of Canoo have cratered 85.6% this year.
Tony Aquila, Investor, Chairman, and CEO at Canoo commented, “We targeted, signed and announced high grade credit customers and locked +$2bn in orders, a 100% increase from Q2, on the back of a validated, real-world use case proven product. Today we are excited to announce our manufacturing facility and SOP for November 17, 2022.”
The company has also agreed to acquire a Vehicle Manufacturing Facility in Oklahoma City. This facility will produce Canoo’s LDV (lifestyle delivery vehicle) and LV (lifestyle vehicles) for delivery to customers in 2023.
In Q4, Canoo forecasted its operating expenses to range between $70 million and $90 million while capex is anticipated to be between $30 million and $50 million.
