Canoo Inc Stock Price, News & Analysis

Canoo (NASDAQ: GOEV) has signed an exclusive agreement with GCC Olayan, a leading multi-national subsidiary of Olayan Saudi Holding Company, to sell, service, and distribute its fleet solutions in Saudi Arabia. The initial phase of the agreement includes the maintenance and repair of Canoo vehicles. Both companies will also establish a joint venture to develop a digital vehicle ecosystem for local assembly and manufacturing. This partnership aims to address the growing demand for sustainable mobility solutions in Saudi Arabia, aligning with the Kingdom's Vision 2030 and Saudi Green Initiative, targeting net zero emissions by 2060.

Canoo Inc. (GOEV) reported strong customer demand with over $2 billion in orders, a 100% increase from Q2 2022. The company has completed advanced deliveries to Walmart for 4,500 vehicles as it refines vehicle configuration. Canoo plans to finalize multiple equity initiatives and evaluate non-dilutive capital sources following a $500 million asset appraisal. Financial results showed a GAAP net loss of $117.7 million for Q3 2022, with access to $200 million through an at-the-market offering.

Canoo (NASDAQ: GOEV) has announced the acquisition of a Vehicle Manufacturing Facility in Oklahoma City, set to produce LDV and LV vehicles in 2023. The facility, which covers over 630,000 square feet, will create over 500 jobs and is capable of ramping up to an annual run rate of 20,000 units by the end of 2023. Canoo aims to enhance its electric vehicle production capabilities while contributing to the local economy. This facility will complement Canoo's existing operations, promoting sustainable manufacturing aligned with the company's vision.

Canoo (GOEV) has unveiled plans for an EV Battery Module Manufacturing Facility in Pryor, Oklahoma, marking a significant expansion of its operations. The facility aims for a manufacturing capacity of around 320 MWh. Canoo's strategy includes producing proprietary battery modules powered by hydroelectricity from the Grand River Dam Authority, fostering local community job creation, and enhancing regional economic development. Renovations of the 100,000 sq.ft building are set to begin in Q4 2022, with machinery expected in Q1 2023.

Canoo (Nasdaq: GOEV) will report its second-quarter financial results on November 9, 2022, after market close. The company will hold a conference call at 5:00 pm ET to discuss these results, allowing for a question-and-answer session afterward. Interested parties can listen to a live webcast of the call, with a replay available shortly after. Canoo, an advanced mobility company, aims to revolutionize the automotive industry with innovative electric vehicles that prioritize space and versatility.

Canoo (NASDAQ: GOEV) has secured a binding order for 9,300 American-made electric vehicles from Kingbee, a leading work-ready van rental provider, with an option to increase to 18,600 vehicles. This partnership will provide upfitted fleet solutions for small and medium businesses across the U.S. Canoo's advanced technology allows for customizable and efficient fleet operations, aimed at enhancing safety and ergonomics. Kingbee is excited about this collaboration, emphasizing the need for sustainable, flexible solutions in commercial vehicle rental.

Canoo (NASDAQ: GOEV) has secured a significant agreement with Zeeba to deliver 5,450 electric vehicles, including an initial commitment of 3,000 by 2024. Zeeba, focusing on small and medium-sized businesses, aims to offer flexible fleet solutions utilizing Canoo's Lifestyle Delivery Vehicles (LDV) and Lifestyle Vehicles (LV). These vehicles are designed for efficiency, featuring advanced ergonomics and low carbon emissions. Canoo's vehicles will enhance Zeeba's fleet as it targets 50% electrification by Q1 2024.

Canoo (NASDAQ: GOEV) and Walmart (NYSE: WMT) have initiated advanced deliveries of Canoo's Lifestyle Delivery Vehicles (LDVs) in the Dallas Fort Worth area following an agreement to purchase 4,500 vehicles. The LDVs are designed for efficient, emission-free deliveries and are customizable for Walmart's needs, contributing to its sustainability goals of zero emissions by 2040. The unique modular design of the LDV allows for 120 cubic feet of cargo space and is engineered for high-frequency deliveries, enhancing operational efficiency.

Canoo Inc. (GOEV) reported over $1 billion in its sales pipeline, driven by a definitive agreement with Walmart for 4,500 units, with options to purchase up to 10,000. The company has achieved 90% completion of its structural crash testing and is progressing towards production startup in Q4 2022. However, the financials revealed a net loss of $164.4 million for Q2 2022, a significant increase from the previous year, with negative EBITDA of $(149.8) million. Canoo plans to manage operating expenses between $200 million and $245 million in the second half of the year.