Shares of EV maker Canoo are surging after Walmart agrees to buy 4,500 electric delivery vans

By July 12, 202245 views

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Walmart to Purchase 4,500 Canoo Electric Delivery Vehicles to be Used for Last Mile Deliveries in Support of Its Growing eCommerce Business

Courtesy: Canoo | Walmart

Electric vehicle startup Canoo said Tuesday Walmart has agreed to buy at least 4,500 of its upcoming electric delivery vans, in a significant win for the Texas-based vehicle maker.

Shares of Canoo were up more than 70% in premarket trading after the news was announced to trade above $4 per share.

Walmart has signed a “definitive agreement” to purchase at least 4,500, and possibly as many as 10,000, of its all-electric Lifestyle Delivery Vehicles, a small electric van designed for local delivery service, Canoo said.

The big-box retailer plans to use the vans for local deliveries of items ordered online. The vans will be built at Canoo’s facility near Dallas and are expected to go into service next year.

Terms of the deal were not disclosed.