Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Canoo is auctioning engineering and manufacturing equipment from its EV and battery facilities in Oklahoma. Following the recent three rounds of furloughs affecting most of its staff, the auction organizer BidItup has announced that the sale will take place via webcast on January 24, 2025, less than a month away.
On December 19, the Texas-headquartered company said the latest round of furloughs affected “both salaried and hourly” workers, adding that it is “idling its factories in Oklahoma while it works to finalize securing the capital necessary to move forward with its operations.”
The auction will feature a range of equipment, including 5-axis and 3-axis CNC machining centers, laser cutters, hydraulic presses, clay milling machines, and environmental testing chambers. As of Sunday, the listed equipment dates from 2017 to 2021, according to the organizer’s website.
It also includes DMG Mori machining centers, Laguna laser cutters, and Espec vehicle thermal chambers. Electric vehicle-related tools, such as fast chargers and power cycling systems, are also up for bidding.
“Like new machinery & equipment! Something for every machine shop & plant!” Biditup says in the auction description.
Other assets on offer include 3D printers, dust collection systems, and various fabrication and inspection tools.
“And much more!” the platform says before adding that the “lot list [is] being updated daily!” A 20% buyer’s premium will apply, according to the terms shown on the website.
In June, Canoo said it received the first of two tranches of advanced manufacturing assets from Arrival Automotive UK Limited. The British EV startup filed for bankruptcy protection earlier this year.
A former Canoo employee told EV last week that the company’s manufacturing partner, Zion, locked the robots on the main production line out of operation last October due to non-payment.
The company has recently executed a second reverse stock split this year aiming to comply with Nasdaq’s listing requirements. Thanks to the reverse stock split, Canoo’s shares are now trading above Nasdaq’s $1 minimum bid price threshold, a critical requirement to continue listing.
According to an email sent to staff last week and seen by EV, the company expects it to last “a few weeks” while promising an update on the situation in the first week of January.
Affected workers “may not do work” and the company’s system will be suspended.
While apologizing for the timing of the announcement, the company led by Tony Aquila wrote, “Please take this time to have a restful and enjoyable holiday season with your family.”
Written by Cláudio Afonso | LinkedIn | X
