Benzinga | Jun 17, 2021 03:59PM EDT

Canoo Selects VDL Nedcar As Manufacturing Partner

* Electric vehicle manufacturer Canoo Inc (NASDAQ:GOEV) has announced owned and contract manufacturing plans.

* VDL Nedcar, a Netherlands-based automotive manufacturing company, will be Canoo's contract manufacturing partner.

* Nedcar will manufacture the Lifestyle Vehicle for the U.S. & E.U. markets while Canoo builds its US-based mega micro-factory.

* Through contract and owned manufacturing, Canoo will meet its commitment to start production and deliver vehicles in Q4, 2022.

* The Nedcar facility is slated to build up to 1,000 units for both the U.S. and European markets in 2022, targeting 15,000 units in 2023.

* "They are the top trusted European manufacturer building high-quality products for leading OEMs, and they significantly outcompeted the other contenders," said Tony Aquila, Chief Executive Officer, Canoo.

* Price action: GOEV shares are trading lower by 2.75% at $9.92 on the last check Thursday.