Finance

Car builder VDL seems to have lost new customer Canoo again

This is apparent from a report that Canoo has made to the American stock watchdog Securities and Exchange Commission (SEC).

New customer

VDL would actually start building cars for Canoo in Born in Limburg from 2022. It was planned that the American brand would certainly work until 2028.

The deal between the companies was good news for VDL. The company still makes cars for BMW, but that will soon come to an end. VDL Nedcar therefore had to search diligently for a new customer to secure the future of the factory.

In the report to the SEC, Canoo writes that ‘due to developments at VDL’ it no longer expects to reach a definitive contract. If the preliminary agreement that was there is dissolved, that could lead to a settlement. Nothing is known about this yet.

VDL remains vague

A spokesperson for VDL hardly wants to say anything about the developments. “We are in talks with Canoo about shaping our collaboration. We take the time necessary for that,” says the spokesperson.

Whether that means that VDL still has some hope that things will turn out all right, the spokesperson does not want to say.

Expected

Today’s news doesn’t come as a complete surprise. Earlier this month, Canoo CEO Tony Aquila told investors that the company would rather have its own factory in the US. Having cars built to order in Europe would only entail uncertainties. It was the intention that VDL would build cars for both the American and European markets.

The recent hack at VDL Nedcar, which brought the factory to a complete standstill, would also be used by the Americans to reconsider the collaboration.

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