Walmart agrees to order 4,500 Canoo EVs for last-mile delivery

Walmart said Tuesday it signed an agreement to buy 4,500 all-electric delivery vehicles from Canoo,

The electric vehicle startup-turned-SPAC that last quarter warned it may not have enough money to stay in business.

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Canoo wouldn’t share the financial terms of the deal.

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However, a spokesperson disclosed that these are binding pre-orders, beginning with Canoo’s branded “Lifestyle Delivery Vehicle.”

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Under the agreement, Walmart has an option to buy 10,000 units.

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Canoo shares surged on the Walmart announcement, pushing the stock price up 76% to $4.17 as of 11 am ET.

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Initially, Walmart will use some pre-production EVs to deliver online orders in the Dallas-Fort Worth metro area.

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Canoo will use this as a test bed to refine and finalize vehicle configuration in the coming weeks.

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