Has Canoo delivered any vehicles to Walmart?
Two years ago, startup Canoo lent a handful of its egg-shaped electric delivery vans to Walmart for their first tests. There was a lot riding on the outcome. Walmart had signed a non-binding agreement to buy 4,500 of the sci-fi vans. Canoo, an EV startup founded in 2017, has filed for Chapter 7 bankruptcy and has ceased operations. The downfall came after the company failed to secure funding from both the U. S. Department of Energy’s Loan Program Office and foreign sources.The CEO of Canoo is buying nearly all of the defunct EV startup’s assets out of bankruptcy, according to a court filing. A new entity controlled by the CEO, Anthony Aquila, has offered to purchase “substantially all” of the assets for $4 million in cash.The company also signed agreements with high-profile customers like Walmart. However, even that couldn’t save Canoo, and the startup faced greater financial difficulties. By May 2022, it had already issued warnings about its ability to continue as a going concern.Earlier this year, as part of Canoo’s deal with Walmart, the companies signed a warrant agreement for Walmart to purchase more than 20% of the EV company’s shares. Canoo’s stock immediately rose on the news, though shares are now trading at around $1.
Will Walmart buy Canoo?
Walmart To Purchase 4,500 Canoo Electric Delivery Vehicles To Be Used for Last Mile Deliveries in Support of Its Growing eCommerce Business. BENTONVILLE, Ark. July 12, 2022 — Walmart (NYSE: WMT) has signed a definitive agreement with Canoo (NASDAQ: GOEV), a high-tech advanced mobility company, to purchase 4,500 all-electric delivery vehicles, beginning with the Lifestyle Delivery Vehicle (LDV), with the option to purchase up to 10,000 units.