EV Manufacturer Canoo Files For Bankruptcy
Electric vehicle manufacturer Canoo announced it was filing for bankruptcy Friday.
The Oklahoma government was not just a customer but also a de facto investor in Canoo, offering more than $100 million in incentives to bring facilities to the state.
Canoo had promised to create more than 1,000 jobs at its factory in Pryor and a smaller facility in Oklahoma City. Last month, it furloughed 82 Oklahoma employees and paused operations amid financial struggles.
According to filings with the U.S. Securities Exchange Commission, the company lost around $800 million between 2022 and 2024.
The bankruptcy announcement says it was unable to secure funding from the U.S. Department of Energy’s loan office nor from recent talks with foreign investors, according to the bankruptcy.
Canoo did line up some money from Oklahoman taxpayers starting in 2021.
“We are thrilled to partner with Canoo and Chairman and CEO Tony Aquila to provide high-paying jobs for Oklahomans and position America as the global leader for vehicle manufacturing for decades to come,” Gov. Kevin Stitt said at the time.
The company agreed to receive more than $100 million in state incentives if it met job creation and revenue requirements.
Canoo did not clear those hurdles or receive most of the money it was eligible for, and may be required to pay back $1 million it did receive from the state.
Oklahoma also purchased the first three “Lifestyle Delivery Vehicles” Canoo manufactured in-state in late 2023. The state had a contract to purchase up to 1,000.
Republican State Rep. Tom Gann’s district includes Pryor, where Canoo set up its factory. He criticized the use of state funds to lure Canoo to Oklahoma in 2022 and echoed his disapproval after the bankruptcy announcement.
"The bankruptcy of Canoo is yet another indicator that government must stop trying to pick winners and losers—they are terrible at it," Gann said in a statement.
Chickasaw Nation To Help Manage Tribal Casino Resort In Northern California
A somewhat contentious tribal casino resort in California’s wine country was approved last week.
The Chickasaw Nation of Oklahoma is expected to help with the property’s development and operations.
In its final week, the Biden administration approved the Koi Nation of Northern California’s plans to construct the Shiloh Resort and Casino in Sonoma County.
This move follows an ongoing battle between the Koi Nation and neighboring residents, tribes in the Golden State, and Governor Gavin Newsom.
A business wholly owned by the Chickasaw Nation called “Global Gaming Solutions” will manage and operate the luxury casino resort. This is the first casino project for the company outside of Oklahoma.
A company spokesperson said “It will be a great honor for GGS to assist the Koi in the construction and management of the Shiloh Resort and Casino.”
A construction timeline has not been determined.
Eight Mental Health Bills Filed For Upcoming Legislative Session
Oklahoma lawmakers are expected to consider several bills that could change state policies related to mental health and addiction.
Proposals include adding mental health screenings to routine doctor visits and requiring behavioral health training for medical professionals.
Schools are also a focus, with bills proposing excused mental health days for students, fentanyl awareness programs and emergency opioid overdose training for school staff.
Some measures aim to increase parental control over mental health and education, while others seek to regulate the influence of social media on youth mental health.
Oklahoma Has 11 James Beard Award Semifinalists
A new batch of James Beard Award semi-finalists just dropped.
Two restaurants and nine people from Oklahoma can call themselves James Beard semifinalists.
The award honors the people who contribute to American food culture.
The Oklahoma slate features familiar spots and people in the Oklahoma City and Tulsa dining scenes.
Final nominees for the James Beard honors will be announced in April, and the award winners will be unveiled over the summer at a ceremony in Chicago.
A complete list of semifinalists is available here.
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