The UK subsidiary is based in the Bicester Motion business park in north Oxfordshire. This site will serve as Canoo's operations, customer, and activation centre for the UK and Europe.

The company will also consolidate its shares, merging five existing shares into one. Essentially the number of shares outstanding changes from 73,088,382 to 14,617,676. This consolidation aims to stabilise the stock price and improve trading liquidity.

In response to delays in hydrogen infrastructure development and slower-than-expected adoption of fuel cell technology, the company aims to reduce operating expenses by over 30%. Key actions include workforce reductions, rationalisation of product development programs, and cuts to capital expenditures.

Ovarith Troeung of CEO HFC retrofit company cautioned that the company is still waiting for the “market to mature” before ramping up production. Evidently, it has learnt from the litany of startup vehicle companies that have gone bust over the last few years.

At IAA Transportation 2024, held between 17-22 September in Hanover, Germany, the vehicle manufacturers said in unison to delegates: “We are ready for the transition to electric vehicles. Now we are waiting for the market to follow.” Maxion Wheels had a similar message for its OEM customers: “We are ready. Everything is developed. We know how to do it.”At its stand, the company showcased a range of different wheels, from sustainable steel to light electric urban to forged aluminium – this last type being shown to the public for the very first time since Maxion announced its intention to enter this market segment at IAA Transportation 2022. But Maxion’s execs were keen to stress that the company’s moves to support electric vehicles and sustainability are not disruptive; rather, these initiatives are in keeping with a longstanding “culture of innovation” at Maxion.

The LCV and pickup truck maker has relocated its corporate headquarters from California to northern Texas. This relocation is part of a broader restructuring plan, which also includes the migration of Canoo's engineering workforce to its two main Oklahoma locations in Oklahoma City and Pryor​, beginning in Q4 this year.

This investment will support the expansion of KleanDrive’s retrofitting capacity and the increased manufacturing capacity of its proprietary advanced ePowertrain technology used to repower diesel ICE buses to electric drive.

At IAA Transportation 2024 last month, I experienced firsthand the magnetic effect of the “Tesla phenomenon”. Towards the end of a series of keynote speeches delivered by some of the industry’s most important executives, Dan Priestley, who heads the development of Tesla’s heavy electric ‘Semi’ truck, took to the stage to provide an update on the company’s plans for the commercial vehicle segment. I had a place towards the front, having sat through the preceding talks that afternoon, which were reasonably well attended; however, looking behind just before Priestley’s entry to the stage, I saw a new crowd of attendees filling out the entire space.

The reason: Hino Motors concluded that it is “unlikely that the business of Shanghai Hino will grow in a sustainable manner” due mainly to growing sales of electric-powered commercial vehicles and construction machinery in China.

The company plans to capitalise on its reputation as a premium vehicle safety systems developer as it moves into the Japanese market.

The company said the move is a first step in a much broader expansion strategy for the region.

At the IAA in Hanover Ford Trucks said that it was working on a right hand drive Euro VII diesel engine powered version of both the F-MAX and F-LINE truck models.