As electric vehicles become more mainstream in the automotive industry, it’s not just the Tesla show anymore. Major companies and startups are eking out their corners of the industry and establishing themselves more thoroughly little by little. One such company, Canoo, just scored a major win in this regard. The electric vehicle manufacturer just finalized a deal with Walmart and will supply at least 4,500 vans for the retailer’s use. This caused a major surge in Canoo’s (GOEV) stock value.
The finalization of Canoo’s deal with Walmart was reported on July 12, 2022, as reported by CNBC. Under the terms of the deal, Canoo will manufacture and supply Walmart with at least 4,500 electric vans, and the deal could see a maximum of 10,000 vehicles delivered for Walmart’s overall fleet. The settling of this deal caused Canoo’s stock to surge in value, jumping from around $2.36 USD a share to a high of $4.70 per share before trickling downward a little bit on the way to Tuesday’s market close.
Canoo’s deal with Walmart marks a big win for the Arkansas-headquartered EV startup. Having been founded in 2017, the company has worked towards launching both lifestyle vehicle, as well as the commercial vans it is supplying to Walmart in said deal. The deal will see the vehicles begin going into service by 2023.
It’s a big win for the electric vehicle industry as well as companies aggressively pursue EV options to reduce carbon footprint or simply upgrade to new and increasingly reliable technology. It was just last week that the European Union made a pledge to phase out internal-combustion engine vehicles by 2035 at the latest.
With Canoo and Walmart’s deal, at the very least, it looks like we’ll begin seeing quite a few more electric vehicles used by the retail company in the very near future. Stay tuned for further electric vehicle news and updates as they become available, right here at Shacknews.