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Canoo receives order for 100 e-vehicles

by John Magsam | August 10, 2022 at 9:30 a.m.
A Canoo Lifestyles vehicle takes sharp turns around building poles at the Canoo car manufacturing plant in Bentonville on Friday, May 20, 2022. Canoo, the electric car maker planning on headquartering in Bentonville, showed off its new Lifestyles vehicle in Bentonville. (NWA Democrat-Gazette/Charlie Kaijo)

Electronic vehicle subscription company Autonomy said Tuesday that it has ordered 100 vehicles from Canoo, an electric vehicle maker with operations in Bentonville.

Autonomy has ordered the vehicles in adventure and premium trims and will work with Canoo to finalize the deal based on its fulfillment timeline, Scott Painter, founder and chief executive officer of Autonomy, said in response to emailed questions. The Canoo deal is part Autonomy's purchase of 23,000 EVs from 17 manufacturers valued at $1.2 billion.

In July, Canoo said it had struck a deal with Walmart Stores Inc. to provide 4,500 electric delivery vans to the retailer with an option for up to 10,000 vehicles. During a conference call Monday to discuss its second quarter earnings, Tony Aquila, an investor, chairman & chief executive officer at Canoo, said the company has contracted a third party for limited production while Canoo's facilities come online.

Canoo has said it will move its headquarters to Bentonville and has operations there, as well. It is building a factory in Pryor, Okla.

Canoo shares fell 53 cents, or 13%, to close Tuesday at $3.41. Shares have traded as low as $1.75 and as high at $13.35 over the past year.

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