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Canoo (GOEV) is making good on its promise to bring EVs to everyone with a new distributor partnership that will expand its network to Saudi Arabia.
The young EV maker has had its fair share of ups and downs since its foundation in 2017. Canoo was started by two former Faraday Future (FFIE) employees and has been one of the most closely watched electric vehicle makers after going public on the NASDAQ exchange in 2020 under the ticker GOEV.
Based on the idea that canoes have been used for thousands of years as a simple, sustainable transportation device used worldwide, Canoo’s EVs are distinct from the competition.
After investing nearly $1 billion and over 250 patents later, Canoo developed and produced its Multi-Purpose Platform (MPP), serving as a base for its EVs, including the Lifestyle Vehicle, Multi-Purpose Delivery Van, and electric pickup.
Despite developing an advanced EV platform, Canoo was quickly running out of cash and options, posting a $125 million loss in Q1 2022.
Canoo’s luck turned as prominent businesses and organizations were intrigued by its modern electric technology. The EV startup signed deals with Walmart that included an order of up to 10,000 LDVs, the rental provider Kingbee, NASA, and the US Army, to name a few.
With its latest partnership, Canoo will be bringing its EVs to Saudi Arabia, the world’s largest oil-exporting nation.
Canoo’s EVs head for Saudi Arabia
In a press release Wednesday, Canoo unveiled a new partnership with GCC Olayan, making way for the sale, service, and distribution of Canoo fleet vehicles in Saudi Arabia.
GCC was established in 1947, becoming a leading premium distributor of SUVs, sedans, pickup trucks, and commercial vehicles.
Tony Aquila, Canoo’s CEO, commented on the partnership, explaining:
It has been an honor to work with the Olayan group companies over many years. Our agreement to bring Canoo’s award-winning vehicles to the region is grounded in our mutual commitment to customer service. The Olayan Group is a global business leader with decades of experience in distribution partnerships with some of the world’s leading brands and they are a proven partner to support EVs in the region.
Although the first phase of the partnership includes the sale, distribution, maintenance, and repair of Canoo’s vehicles, there are plans to launch a joint venture and co-develop a “digital vehicle ecosystem” for local assembly and, eventually, EV manufacturing.
The move is partially driven by Saudi Arabia’s “Vision 2030” plan to bring advanced EVs to the region while increasing non-oil GDP in the nation to 50% compared to around 16% today.
Saudi Arabia also committed to purchasing at least 50,000 (up to 100,000) EVs from Lucid Motors last year as part of its plan to achieve net zero by 2060.
Canoo (GOEV) stock is trending (up 10%) on the news but is still down nearly 75% in the past year.