Written by Cláudio Afonso | LinkedIn | X
Canoo’s chief financial officer, Greg Ethridge, delivered a keynote on Thursday at the Emerging Growth Conference revealing several updates regarding the company’s pilot programs, manufacturing plans, and the new model — the LDV 300.
Speaking about the pilot programs the electric vehicle maker has been doing over the last few years, Ethridge highlighted that Canoo has been generating interest from major global brands.
“So for us, having large, well-known, branded, global, bankable customers like Walmart, like some of our partners in the KSA, Jazeera Paints, like the U.S. Postal Service, like NASA… Those are global brands,” the CFO stated.
Ethridge proceeded to say the interest from these companies “is a validation” for the company and its products before revealing the latest figures regarding backlog.
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“And at the end of the day, that is a validation for us, for our product, ultimately for the capital markets and our investors. And as we continue to deliver into those segments, that’s going to create a massive amount of upside opportunity for Canoo,” he said.
“We have a $750 million, about 18,000 units of initial backlog with lots of options that ultimately bring our order book to about a $3 billion value today and growing,” the CFO added.
Based on the last closing price of $1.41 per share, Canoo‘s market cap stands at $109.8 million.
About manufacturing, Ethridge highlighted the relevance of preparing to manufacture in larger scale to avoid vehicle recalls, as they can cause significant losses for the company.
“Doing it [manufacturing] in the right sequence is extremely important because if you do it out of sequence, you can find yourself getting into a lot of trouble. And we’ve seen others in the industry that have not gotten as far as we have fallen to some of those pitfalls” the executive stated.
Written by Cláudio Afonso | LinkedIn | X
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The post Canoo CFO Says Initial Backlog Reaches 18,000 Units, Equivalent to $750M first appeared on EV.