Electrical car start-up Canoo on Thursday sought to guarantee buyers that it has a strong, and actual, marketing strategy following abrupt modifications on the firm, together with the departure of its co-founder and CEO Ulrich Kranz, who recently joined Apple.

Talking on the firm’s investor day, Canoo CEO and Chairman Tony Aquila reiterated lots of the firm’s technological claims in addition to plans to build three new EVs, including a pickup, and three different EVs. He additionally supplied further particulars about its manufacturing plans, together with a brand new U.S. meeting plant.

“We’re in it for the long term. I am in it for the long term,” he mentioned throughout the occasion that occurred in Dallas and was streamed on-line.

Since going public by a SPAC deal in December, shares of Canoo have roughly been minimize in half on government departures, modifications to its enterprise plans and higher hypothesis concerning the viability of many EVs.

It seems the Thursday occasion did little to calm these issues. The inventory declined as a lot as 5.8% throughout the occasion to lower than $10 a share. That they had barely recovered to shut down by about 3%.

Aquila mentioned the management workforce is concentrated on executing its plans to offer long-term worth for shareholders, not day by day modifications within the firm’s inventory.

“We do not focus on day trades. We focus on fundamentals ,” he informed CNBC throughout an interview Thursday. “Firms, their inventory would not all the time instantly replicate what they’ve carried out.”

Financial institution of America analyst John Murphy described the occasion as “as comparatively constructive,” however mentioned the corporate has a “lengthy and crowded highway forward.”

“We stay a bit hesitant as the corporate nonetheless has no binding orders and its enterprise mannequin nonetheless seems to be evolving,” he wrote Thursday in a notice to buyers, reiterating the agency’s underperform score.

Here is what buyers ought to learn about Canoo from the greater than three-hour investor occasion.

Canoo plans to construct a plant, which it is calling a “mega microfactory,” on a 400-acre property close to Tulsa, Oklahoma, in Pryor. Automobile manufacturing on the facility is anticipated to start within the fourth quarter of 2023, in keeping with the corporate.

Aquila, who’s the third-largest investor within the firm, referred to as it a “excessive quantity plant” that can take about 18 months to assemble. He declined to reveal the anticipated price and measurement of the ability, which Canoo says will make use of greater than 2,000 individuals.

The corporate obtained an incentive bundle, together with the land, to construct the plant in Oklahoma value greater than $300 million, Aquila mentioned. A number of instances he referred to the deliberate facility as a “partnership” with the state. Oklahoma Gov. Kevin Stitt shared the stage with Aquila throughout the occasion.

Canoo confirmed its manufacturing accomplice is Netherlands-based VDL Nedcar, which is scheduled to start out constructing its Way of life Automobile starting late subsequent 12 months in Europe. The corporate additionally is anticipated to assist with its U.S. plant, Canoo mentioned.

Canoo mentioned Nedcar’s facility in Europe is slated to construct as much as 1,000 autos for each the U.S. and European markets in 2022 with a goal of 15,000 models in 2023, in keeping with the corporate. Canoo expects to launch its life-style car within the fourth quarter of 2022 adopted by a “multi-purpose supply car” and a pickup truck.

The corporate initially deliberate to supply autos by an outdoor contractor moderately than producing the autos themselves. It was a significant change together with a major discount in its plans to supply a car subscription possession mannequin and promote its applied sciences to different firms resembling Hyundai.

Following current controversies involving preorders for Lordstown Motors, one other SPAC-backed EV start-up, Canoo made it clear that it has greater than 9,000 refundable deposits from prospects however no binding orders.

Disclosing the orders was a part of a promise by the corporate to be disciplined, clear and secure in its spending and communications with buyers, executives mentioned.

“You’ll get an amazing quantity of transparency from Canoo,” CMO Mark Aikman, a former advertising supervisor at Mercedes-Benz USA, mentioned throughout the occasion.

The Securities and Change Fee has opened an inquiry taking a look at Lordstown’s preorder claims, amongst different issues involving the corporate’s merger with SPAC DiamondPeak Holdings in October.

In Might, Aquila confirmed the SEC additionally had opened an investigation into Canoo. He characterised it as a “fact-finding inquiry.” He declined to offer any further particulars, saying the corporate would supply “well timed updates as applicable.”

In an try and set the corporate aside from different extremely hyped EV start-up firms, Aquila promised Canoo will announce “huge information or no information, actual information or no information.”

“We’re long-term shareholders. We’re very centered on doing that, constructing power and the flexibility to construct market share with modern merchandise and platforms,” he mentioned.

Aquila promised Canoo’s present management workforce is “in it for the long run” following the departures of Kranz and different executives such Stefan Krause, one other co-founder, and the corporate’s chief lawyer, Andrew Wolstan.