Canoo revs up U.S. electric vehicle production plan as drops overseas deal

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By Ben Klayman
DETROIT (Reuters) -Electric vehicle startup Canoo Inc on Wednesday said it was accelerating its production plans in the United States while ending its deal for VDL Nedcar in Netherlands to serve as its contract manufacturer in Europe.
Canoo shares were up 3% in after hours trading.
The Arkansas-based company said the shift from using VDL Nedcar overseas to relying on the plants it is building in northwest Arkansas and Pryor, Oklahoma, was made to reduce supply-chain vulnerabilities and overseas shipping costs, and increase speed to market for its vehicles.
"The initiatives announced today are another step in executing our strategy of reducing risk and increasing certainty," Chief Executive Tony Aquila said in a statement. "We have concluded that building in America is better aligned with our mission."
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