Walmart To Purchase 4,500 Canoo Electric Delivery Vehicles To Be Used for Last Mile Deliveries in Support of Its Growing eCommerce Business (2023)

BENTONVILLE, Ark., July 12, 2022 — Walmart (NYSE: WMT) has signed a definitive agreement with Canoo (NASDAQ: GOEV), a high-tech advanced mobility company, to purchase 4,500 all-electric delivery vehicles, beginning with the Lifestyle Delivery Vehicle (LDV), with the option to purchase up to 10,000 units. The vehicles will be used to deliver online orders in a sustainable way which will also contribute to Walmart’s goal to achieve zero-emissions by 2040. While the LDV is expected to begin hitting the road in 2023, the companies plan to kick off advanced deliveries to refine and finalize vehicle configuration in the Dallas-Fort Worth metroplex in the coming weeks.

The LDV: Engineered for sustainable last mile deliveries with improved driver ergonomics and safety

(Video) WALMART TO PURCHASE 4,500 ELECTRIC DELIVERY VEHICLES | CANOO

Canoo’s fully electric Lifestyle Delivery Vehicle (LDV) is an all-American commercial EV optimized for sustainable last mile delivery use cases. As with all Canoo vehicles, the LDV is built on a proprietary multi-purpose platform (MPP) architecture that integrates the motors, battery module and other critical driving components. The LDV has a last mile delivery optimized cabin and customized cargo space. Canoo is utilizing true steer by wire technology, reducing moving parts and cabin intrusion, resulting in more usable interior space, better driver ergonomics and the addition of a panoramic window to improve road visibility.

The LDV is engineered for high frequency stop-and-go deliveries and speedy vehicle to door drop-off, including grocery and food/meal delivery. Its customized interior is designed for small package delivery, at competitive per stop economics. The modular design and 120 cubic feet cargo volume are adaptable to evolve with customer needs which contributes to a decreasing per unit investment over time.

“We are proud to have been selected by Walmart, one of the most sophisticated buyers in the world, to provide our high-tech, all-electric, American made Lifestyle Delivery Vehicle to add to their impressive logistics capabilities. Our LDV has the turning radius of a small passenger vehicle on a parking friendly, compact footprint, yet the payload and cargo space of a commercial delivery vehicle. This is the winning algorithm to seriously compete in the last mile delivery race, globally,” said Tony Aquila, investor, chairman and CEO of Canoo. “Walmart’s massive store footprint provides a strategic advantage in today’s growing ‘Need it now’ mindset and an unmatched opportunity for growing EV demand, especially at today’s gas prices.”

Expanding Walmart’s last mile delivery fleet

(Video) Walmart Buys 4,500 Electric Delivery Vehicles | $HINANCE

Canoo’s electric vehicles will be driven by Walmart associates and used to deliver online orders, from groceries to general merchandise, as well as the potential to be used for Walmart GoLocal, the retailer’s delivery-as-a-service business.

“We’re thrilled to continue diversifying our last mile delivery fleet with Canoo’s unique and sustainably focused all-electric technology which will provide our associates with safe, ergonomic delivery vehicles,” said David Guggina, senior vice president of innovation and automation, Walmart U.S. “Today, the closest Walmart to customers is right in their pockets – it’s the Walmart app. By continuing to expand our last mile delivery fleet in a sustainable way, we’re able to provide customers and Walmart+ members with even more access to same-day deliveries while keeping costs low.”

In addition to dedicated fulfillment centers, Walmart uses 3,800 of its stores, which are located within 10 miles of 90% of the U.S. population, to fulfill online orders. The retailer does this using a combination of Walmart associates, independent contractors driving on the Spark Driver Network, third-party delivery service providers, and in some locations, autonomous vehicles and drones, to make deliveries. Through their expansive last mile delivery network, Walmart can reach 80% of the U.S. population with same-day delivery on a growing assortment of items.

Collaborating close to home

(Video) 63 Walmart Canoo dles with 4500 to 10,000 Ev's

Canoo’s agreement with Walmart builds on the company’s existing commitments in the state of Arkansas. Last year Canoo announced it had selected Bentonville, Arkansas, as its headquarters and Pryor, Oklahoma, as the site for its U.S. manufacturing, further establishing an EV ecosystem in the heartland to create thousands of technology and manufacturing jobs in the surrounding communities.

“We’re encouraged that by being located in close proximity to the Canoo headquarters, we have the advantage to collaborate and innovate in real-time as well as the opportunity to aid in the creation of manufacturing and technology jobs here in our home state of Arkansas,” added Guggina.

Canoo anticipates starting production of the Lifestyle Delivery Vehicles beginning in Q4, 2022.

About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save money and live better — anytime and anywhere — in retail stores, online, and through their mobile devices. Each week, approximately 230 million customers and members visit more than 10,500 stores and clubs under 46 banners in 24 countries and eCommerce websites. With fiscal year 2022 revenue of $573 billion, Walmart employs approximately 2.3 million associates worldwide. Walmart continues to be a leader in sustainability, corporate philanthropy and employment opportunity. Additional information about Walmart can be found by visiting corporate.walmart.com, on Facebook at facebook.com/walmart and on Twitter at twitter.com/walmart.

(Video) Garrett Nelson Tesla $1,100 Price Target, Walmart 4,500 Canoo EV Deal, Warren Buffett Sold BYD

About Canoo
Canoo’s mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Distinguished by its experienced team from leading technology and automotive companies – Canoo has designed a modular electric platform purpose-built to deliver maximum vehicle interior space that is customizable across all owners in the vehicle lifecycle to support a wide range of vehicle applications for consumers and businesses.

Canoo has teams in California, Texas, Oklahoma and Arkansas. For more information, please visit canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit investors.canoo.com.

Forward-looking statements
The information in this press release includes “forward-looking statements” within the meaning of the “safe harbor” provisions of the United States Private Securities Litigation Reform Act of 1995. Forward- looking statements may be identified by the use of words such as “estimate,” “plan,” “project,” “forecast,” “intend,” “will,” “expect,” “anticipate,” “believe,” “seek,” “target” or other similar expressions that predict or indicate future events or trends or that are not statements of historical matters. These forward-looking statements include, but are not limited to, statements regarding estimates and forecasts of financial and performance metrics, expectations and timing related to commercial product launches and the achievement of operational milestones, including the ability to meet and/or accelerate anticipated production timelines, Canoo's ability to capitalize on commercial opportunities, current or anticipated customer orders, and expectations regarding the development of facilities. These statements are based on various assumptions, whether or not identified in this press release, and on the current expectations of Canoo’s management and are not predictions of actual performance. These forward-looking statements are provided for illustrative purposes only and are not intended to serve as, and must not be relied on by any investor as, a guarantee, an assurance, a prediction or a definitive statement of fact or probability. Actual events and circumstances are difficult or impossible to predict and will differ from assumptions. Many actual events and circumstances are beyond the control of Canoo. These forward-looking statements are subject to a number of risks and uncertainties, including changes in domestic and foreign business, market, financial, political and legal conditions; Canoo’s ability to access future capital, via debt or equity markets, or other sources; the rollout of Canoo's business and the timing of expected business milestones and commercial launch; future market adoption of Canoo's offerings; risks related to Canoo's go-to-market strategy and manufacturing strategy; the effects of competition on Canoo's future business, and those factors discussed under the captions “Risk Factors” and “Management's Discussion and Analysis of Financial Condition and Results of Operations" in Canoo's Annual Report on Form 10-K for the fiscal year ended December 31, 2021 filed with the U.S. Securities and Exchange Commission (the “SEC”) on March 1, 2022, as well as its past and future Quarterly Reports on Form 10-Q and other filings with the SEC, copies of which may be obtained by visiting Canoo's Investors Relations website at investors.canoo.com or the SEC's website sec.gov. If any of these risks materialize or our assumptions prove incorrect, actual results could differ materially from the results implied by these forward-looking statements. There may be additional risks that Canoo does not presently know or that Canoo currently believes are immaterial that could also cause actual results to differ from those contained in the forward-looking statements. In addition, forward-looking statements reflect Canoo’s expectations, plans or forecasts of future events and views as of the date of this press release. Canoo anticipates that subsequent events and developments will cause Canoo’s assessments to change.

However, while Canoo may elect to update these forward-looking statements at some point in the future, Canoo specifically disclaims any obligation to do so. These forward-looking statements should not be relied upon as representing Canoo’s assessments as of any date subsequent to the date of this press release. Accordingly, undue reliance should not be placed upon the forward-looking statements.

(Video) GOEV STOCK UP 100% Canoo deal with Walmart #shorts

FAQs

Is canoo in financial trouble? ›

Canoo's financial results

Canoo saw a net loss of $164.4 million in the second quarter and $289.8 million in the first half of the year, compared to a loss of $112.6 million and $127.8 million in the same periods last year, respectively. In Q1, Canoo was struggling to get the cash it needed.

What are canoo vehicles? ›

Canoo is an American automotive startup based in Torrance, California that develops and manufactures electric vehicles, and plans to sell a lifestyle vehicle in the year 2022. The company also plans to produce commercial electric vehicles such as vans for vehicle rental and ride sharing services.

Who owns canoo Inc? ›

Tony Aquila

Under his leadership as Founder, Chairman and CEO, the company went public through a $1 billion initial public offering in 2007 and private again in 2016, at a valuation of $6.5 billion.

How much is the canoo adventure? ›

Additionally, Canoo does plan to sell their vehicles directly much like Tesla and Rivian are doing now. At the time of this article's original release, the Lifestyle van is priced starting at $34,750 for the Delivery model and topping out at $49,950 for the Premium model.

Will Canoo be successful? ›

Canoo's success will come from its vehicles providing loads of utility for its customers. As part of its December production guidance, the company stated that it will begin production in Arkansas in 2022 and bring its Mega Micro factory in Oklahoma online in late 2023.

Will Canoo stock go up? ›

On average, Wall Street analysts predict that Canoo's share price could reach $5.83 by Sep 16, 2023. The average Canoo stock price prediction forecasts a potential upside of 322.68% from the current GOEV share price of $1.38.

How much will the new Canoo truck cost? ›

How much do we expect the 2023 Canoo Pickup Truck to cost? Canoo didn't yet release the price information for the 2023 Canoo Pickup Truck. However, MotorTrend estimates that the Canoo Pickup Truck will cost between $35,000 and $50,000.

When can I get a Canoo? ›

Electric Truck - Pickup for Function, Form and Utility | Canoo. A PURPOSE-BUILT PICKUP TRUCKLaunching as early as 2023. U.S. Preorders Now Open.

Are Canoo vehicles subscription only? ›

Canoo is a Los Angeles based company creating and offering unique electric vehicles (EV) for subscription only.

Who is the major investors in Canoo? ›

Top 10 Mutual Funds Holding Canoo Inc
Mutual fundStakeShares owned
Invesco WilderHill Clean Energy E...2.23%6,310,355
Vanguard Total Stock Market Index...1.66%4,679,882
Vanguard Small Cap Index Fund1.40%3,958,060
iShares Russell 2000 ETF1.10%3,118,922
6 more rows

Who has invested in Canoo? ›

Aquila's private equity firm owns an approximate 19% stake in Canoo, according to recent public filings. Fortune had previously reported that Alice Walton was the original backer of Aquila's AFV Partners and that her capital had been used for two early deals at the private equity firm.

How many preorders does Canoo have? ›

We now have more than 17,500 preorders with a projected value of $750 million and a growing pipeline. Selected by NASA for Artemis ground crew transportation vehicles, which is expected to be the longest lasting space exploration program in history.

Is the Canoo all wheel drive? ›

Initial power offerings will include a 300-hp, 332-lb-ft single rear motor or front and rear motors that Canoo says provide up to 600 horsepower and 550 lb-ft of torque combined and all-wheel drive.

How much will a Byton cost? ›

Byton, a startup electric vehicle manufacturer based in China, says its M-Byte SUV will have at least a 224-mile range, start at $45,000, and go on sale in the U.S. as soon as 2021. It will also have a curved, 48-inch screen that spans the top of its dashboard.

Does Canoo have a factory? ›

The company is in the process of moving its headquarters to Bentonville and opening facilities in Northwest Arkansas and Oklahoma. Canoo spokesperson Pawel Zoneff said that it originally hoped the Pryor facility would be done in 2023, but now it expects the facility to open sometime in 2024.

How long does it take to charge a Canoo? ›

As for range, Canoo is targeting 250 miles, which is less than the Tesla and higher-spec Rivian's, but then again, the Canoo LV competes in an entirely different price bracket; the base price may fall below $40,000. Plus, drivers will be able to charge from 0-80 percent in just 28 minutes.

Should you buy Canoo? ›

Canoo Inc.

may be overvalued. Its Value Score of F indicates it would be a bad pick for value investors. The financial health and growth prospects of GOEV, demonstrate its potential to underperform the market. It currently has a Growth Score of F.

Should I sell my Canoo stock? ›

Is Canoo a buy or a sell? In the last year, 2 stock analysts published opinions about GOEV-Q. 0 analysts recommended to BUY the stock. 2 analysts recommended to SELL the stock.

How high will Canoo stock GO? ›

Stock Price Forecast

The 4 analysts offering 12-month price forecasts for Canoo Inc have a median target of 7.00, with a high estimate of 15.00 and a low estimate of 3.50.

Why is Canoo stock going down? ›

Canoo has reported a net loss of $290 million in the first half of 2022. While it has access to up to $250 million in capital, the company has only $33.8 million in cash and cash equivalents on its balance sheet. The company's survival might be tied to the Walmart business, and it said so publicly yesterday.

What batteries does Canoo use? ›

The electric vehicle startup Canoo has chosen Panasonic cylindrical lithium-ion cells for its upcoming Lifestyle Vehicle, the company revealed on Monday. The Lifestyle Vehicle is expected to arrive in late 2022 and start at $34,750.

Who makes the Canoo pickup truck? ›

Funding primarily came from a Chinese investor, Li “David” Pak-Tam and German entrepreneur David Stern. Two years later, in March of 2019, Evelozcity was rebranded as Canoo and shortly thereafter in September of 2019, the company introduced their first vehicle prototype with the EV van Canoo.

How much do electric delivery vans cost? ›

The analysis finds that over a five-year ownership period, the total cost of owning a battery electric van with an electric drive range of between 100 and 400 miles ranges from $69,000 to $92,000, compared to $71,000 for a gasoline van and $82,000 for a diesel van.

How long is the Canoo truck? ›

It packs a lot of utility into a small package. For example, without its bed extender, the Canoo pickup truck is just 184 inches long. That's 28 inches shorter than the shortest Tacoma and six inches shorter than the 4Runner. It's not by any means tiny, but it's not gargantuan either.

Why is GOEV stock up today? ›

Canoo (GOEV) stock is jumping today on an order for its electric vehicles (EVs). The deal sees Kingbee agreeing to buy 9,300 units. The deal also includes an option to increase the order to 18,600 EVs.

What is a lifestyle vehicle? ›

The Canoo Lifestyle Vehicle is a battery electric minivan announced by Canoo. Four models have been announced, with range estimates of 400 kilometers (250 mi) and an estimated 0–100 km/h (0–62 mph) time of 6.3 seconds. Canoo Lifestyle Vehicle. Overview. Manufacturer.

Is there a fully electric minivan? ›

As of the 2021 model year, there are no all-electric minivans available in the United States. The Chrysler Pacifica Hybrid, a plug-in hybrid minivan, is the only PHEV minivan available.

Who is canoo partnering with? ›

Justin, TX and Eindhoven, The Netherlands (December 15, 2021) – Canoo Inc. (NASDAQ GOEV) and VDL Groep B.V. today announced that the two companies are exploring opportunities to partner together.

Is canoo partnered with Hyundai? ›

The partnership with Canoo is the latest example of Hyundai Motor ramping up efforts and investments into electrification, autonomous technology and other futuristic mobility trends, including flying cars.

How many shares does Tony Aquila Own? ›

GOEV Stock: CEO Tony Aquila Purchases Shares

After the purchase, he directly owns 2.5 million shares of the company. Furthermore, he indirectly owns another 51.2 million shares through several limited liability companies (LLCs) of which he is affiliated with.

Is GOEV a good stock to buy? ›

4 Wall Street analysts have issued "buy," "hold," and "sell" ratings for Canoo in the last year. There are currently 1 hold rating and 3 buy ratings for the stock. The consensus among Wall Street analysts is that investors should "buy" GOEV shares. View GOEV analyst ratings or view top-rated stocks.

Is GOEV overvalued? ›

On July 27, 2022, Seeking Alpha Quant system flagged warning at Sell rating, stating GOEV is at the high risk of performing badly as it has inferior profitability and is overpriced when compared to other consumer discretionary stocks.

Is canoo a Buy sell or Hold? ›

USD 1.38 0.03 2.13% Given the investment horizon of 90 days and your above-average risk tolerance, our recommendation regarding Canoo Inc is 'Strong Sell'.

How much cash does canoo have? ›

Financial Info
Condensed Consolidated Balance Sheets - USD ($) $ in ThousandsJun. 30, 2022Dec. 31, 2021
Current assets
Cash and cash equivalents$ 33,799$ 224,721
Restricted cash, current3,5282,771
Prepaids and other current assets33,23963,814
21 more rows
8 Aug 2022

How much is a canoo truck cost? ›

However, MotorTrend estimates that the Canoo Pickup Truck will cost between $35,000 and $50,000.

Why is GOEV stock up today? ›

Canoo (GOEV) stock is jumping today on an order for its electric vehicles (EVs). The deal sees Kingbee agreeing to buy 9,300 units. The deal also includes an option to increase the order to 18,600 EVs.

What batteries does Canoo use? ›

The electric vehicle startup Canoo has chosen Panasonic cylindrical lithium-ion cells for its upcoming Lifestyle Vehicle, the company revealed on Monday. The Lifestyle Vehicle is expected to arrive in late 2022 and start at $34,750.

How many preorders does Canoo have? ›

We now have more than 17,500 preorders with a projected value of $750 million and a growing pipeline. Selected by NASA for Artemis ground crew transportation vehicles, which is expected to be the longest lasting space exploration program in history.

Is GOEV stock a good investment? ›

Its Value Score of F indicates it would be a bad pick for value investors. The financial health and growth prospects of GOEV, demonstrate its potential to underperform the market.

Is Apple interested in canoo? ›

Would the Apple car just be a Canoo EV? Apple, for its part, may not be interested in Canoo's vehicles. Instead, according to Bloomberg, it wants the engineers at Canoo, not its technology.

Will Canoo pay dividends? ›

Canoo (GOEV) does not pay a dividend.

How many Shares of Canoo are there? ›

282.75M

Are Canoo vehicles subscription only? ›

Canoo is a Los Angeles based company creating and offering unique electric vehicles (EV) for subscription only.

When can you buy a Canoo? ›

Electric Truck - Pickup for Function, Form and Utility | Canoo. A PURPOSE-BUILT PICKUP TRUCKLaunching as early as 2023. U.S. Preorders Now Open.

How much will a Byton cost? ›

Byton, a startup electric vehicle manufacturer based in China, says its M-Byte SUV will have at least a 224-mile range, start at $45,000, and go on sale in the U.S. as soon as 2021. It will also have a curved, 48-inch screen that spans the top of its dashboard.

What is the long range forecast for HSTO stock? ›

Based on our forecasts, a long-term increase is expected, the "HSTO" stock price prognosis for 2027-09-10 is 7.648 USD. With a 5-year investment, the revenue is expected to be around +342.07%. Your current $100 investment may be up to $442.07 in 2027.

Videos

1. Canoo Shares Up on Walmart Order for 4,500 Electric Vans
(Bloomberg Technology)
2. GOEV STOCK UP 100% Canoo deal with Walmart - The Day Trader @Martyn Lucas
(The Day Trader)
3. GOEV STOCK UP 100% Canoo deal with Walmart @Martyn Lucas
(The Day Trader)
4. The Future Of Walmart Is Here (Canoo X Walmart)
(Top Electric)
5. BrightDrop EV600 Walmart Electric Delivery Van
(The Wheel Network)
6. Will Canoo Be Sold Through Walmart
(All Cars with Jon)
Top Articles
Latest Posts
Article information

Author: Delena Feil

Last Updated: 02/23/2023

Views: 6024

Rating: 4.4 / 5 (45 voted)

Reviews: 84% of readers found this page helpful

Author information

Name: Delena Feil

Birthday: 1998-08-29

Address: 747 Lubowitz Run, Sidmouth, HI 90646-5543

Phone: +99513241752844

Job: Design Supervisor

Hobby: Digital arts, Lacemaking, Air sports, Running, Scouting, Shooting, Puzzles

Introduction: My name is Delena Feil, I am a clean, splendid, calm, fancy, jolly, bright, faithful person who loves writing and wants to share my knowledge and understanding with you.