Canoo gets lifeline from Walmart after moving HQ to the retailer’s neck of the woods
Walmart is here to throw a life preserver to ailing EV manufacturer Canoo. It’s taking the form of a very helpful order of 4,500 all-electric delivery vehicles from the big box retailer / e-commerce giant, with the potential to buy up to 10,000. Walmart and Canoo became neighbors last year when Canoo’s headquarters moved out of California and onto Walmart’s turf in Bentonville, Arkansas — but the companies did not make any public deals at the time.
“We are proud to have been selected by Walmart,” said Canoo chairman and CEO Tony Aquila. Aquila says that Walmart’s size gives a strategic advantage in “today’s growing ‘need it now’ mindset,” and combined with Canoo’s American-made “lifestyle delivery vehicles,” it has a “winning algorithm...