Canoo to Outsource Van Production for Walmart Order By Investing.com

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Canoo to Outsource Van Production for Walmart Order

Published Aug 09, 2022 16:22

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Canoo to Outsource Van Production for Walmart Order

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By Michael Elkins

Tony Aquila, CEO of the electric van company, Canoo Inc. (NASDAQ:GOEV) announced on Monday that the company would be using a third party to build its first electric vans for Walmart (NYSE:WMT). The deal, announced in July, covers orders for at least 4,500 battery-powered vans. However, Walmart has the option to purchase up to 10,000.

The company initially planned to assemble its own vehicles at a small facility near the Walmart headquarters in Bentonville.

The announcement was made during a conference call with analysts, where the company indicated that it has a lot riding on the success of this deal.

“We expect that a substantial portion of our initial revenue will be from one customer,” the company said. “If we are unable to maintain this relationship, or if Walmart purchases significantly fewer vehicles than we currently anticipate or none at all, our business, prospects, financial condition, results of operations, and cash flows could be materially and adversely affected.”

Aquila said deliveries to Walmart are on track to start in the first quarter of 2023.

The decision follows a failed 2021 deal with Dutch outfit VDL Nedcar BV to build Canoo’s electric vans. That agreement fell apart near the end of last year.

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