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HomeAutomobileCanoo Walmart deal for 4,500 vans sends EV inventory leaping

Canoo Walmart deal for 4,500 vans sends EV inventory leaping

Walmart to Buy 4,500 Canoo Electrical Supply Automobiles to be Used for Final Mile Deliveries in Assist of Its Rising eCommerce Enterprise

Courtesy: Canoo | Walmart

Electrical car startup Canoo mentioned Tuesday Walmart has agreed to purchase a minimum of 4,500 of its upcoming electrical supply vans, in a big win for the Texas-based car maker.

Shares of Canoo have been up greater than 70% in premarket buying and selling after the information was introduced to commerce above $4 per share.

Walmart has signed a “definitive settlement” to buy a minimum of 4,500, and probably as many as 10,000, of its all-electric Way of life Supply Automobiles, a small electrical van designed for native supply service, Canoo mentioned.

The large-box retailer plans to make use of the vans for native deliveries of things ordered on-line. The vans can be constructed at Canoo’s facility close to Dallas and are anticipated to enter service subsequent 12 months.

Phrases of the deal weren’t disclosed.

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