Canoo will not have a start-up of cars made by VDL Nedcar | Financial

VDL Nedcar now has to repay the €25 million that Canoo had made as an advance. At the same time, VDL buys 7.5 million euros from the American startup.

High quality

“We have decided not to continue using VDL Nedcar, but have come to the conclusion that we want to continue working together with VDL Groep and the Van der Leegte family,” said CEO Tony Aquila. He said that car production in the United States is less risky than in Europe. This is partly due to support from the states of Arkansas and Oklahoma, which are investing a lot, according to the director, in high-quality technology.

Canoo was VDL Nedcar’s first new customer this summer after BMW decided to move production of its BMW and Mini models to its own factories. The plan was for the plant to make some kind of electric SUV until at least 2028. But earlier this month, the company had already said it wanted to get rid of agreements with parent company Eindhoven over car production.

customers

VDL Nedcar was already looking for other customers, because the production of Canoo’s electric cars was not enough to take full advantage of the plant. The VDL has until 2023 at the latest to win orders from new car manufacturers, because after that BMW production will cease.