Walmart Partners With Canoo For Electric Vehicle Delivery
Canoo recently attracted extra funding by selling newly issued shares to institutional investors for $52.5 million.
Canoo has faced financial challenges in increasing its production capabilities despite securing Walmart as a customer.
The recent sale of new shares and warrants has not been well received by investors and resulted in a 12% fall in shares.
Canoo's cash reserves were at a low of $6.8 million at the end of Q3.
The company reported over $2 billion in orders during Q3 2022, but also a GAAP net loss of $117.7 million.
Walmart has ordered 4,500 of Canoo's electric delivery vans with potential for thousands more.
Canoo is joining forces with Walmart in its race against Amazon to offer InHome delivery service.
Canoo's main offering is its innovative Lifestyle minivan, which was first unveiled in 2019 and will be available in four configurations.
With its electric vehicle expertise and innovative offerings, Canoo is well positioned to benefit from the growing demand for EVs in the delivery market.
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