Benzinga | Nov 16, 2021 04:04AM EST

EV Startup Canoo Moves Headquarters To Walmart's Backyard

Electric vehicle startup Canoo Inc (NASDAQ:GOEV) has announced it would be moving its headquarters from California to Bentonville, Arkansas -- the home of retail giant Walmart Inc (NYSE:WMT).

What Happened Canoo would use the location in Arkansas to primarily house its research and development team while still keeping the firm's engineering and vehicle development departments in California, according to The Verge.

Under the leadership of Tony Aquila, the EV manufacturer has made a host of operational changes with the company also announcing that it would be expanding its presence in Oklahoma.

Aquila, who took over as the firm's executive chairman in late 2020 ahead of Canoo's stock listing, said the facility in Arkansas would be used to make "vehicles for unique use cases," and would aid in speeding up the pre-production testing program, The Verge reported.

Other changes under Aquila's leadership include dissolving a deal with Hyundai and signing a contract manufacturer in the form of Dutch-based firm VDL Nedcar B.V.

Canoo, which was founded in 2017 as Evelozcity and later rebranded, is also facing an SEC investigation.

Price Action: Canoo's shares closed 1.6% lower at $8.45 on Monday.

Photo: Courtesy of Canoo