Walmart has struck a deal with Canoo to buy 4,500 electric vehicles as part of the U.S. retailer's goal to achieve net-zero emissions by 2040, the companies
The movement in Canoo's stock is strictly retail buying as shorts are not expecting the deal to reduce cash burn or anticipated funding needs, said Roth Capital analyst Craig Irwin."This order was already somewhat anticipated, but it is a nice get. It will be exciting to see those vehicles rolling in the DFW area," Irwin added.Partners said, adding the jump has reduced mark-to-market profit for the shorts by $58 million to around $100 million.
The stock has lost nearly 70% of its value this year, as of last close, amid the selloff in tech stocks and concerns around Canoo's access to capital. The deal comes as companies including FedEx Corp, Amazon.com and United Parcel Service Inc pledge to shift their delivery fleets to EVs. The Canoo-Walmart agreement features the EV startup's fully electric Lifestyle Delivery Vehicle , a commercial version of a
. Canoo expects to start production of the LDVs in the fourth quarter of 2022, according to the statement.
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