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Army to try out Canoo electric vehicle

by The Arkansas Democrat-Gazette | July 15, 2022 at 1:43 a.m.
A Canoo Lifestyles vehicle is shown, Friday, May 20, 2022 at the Canoo car manufacturing plant in Bentonville. (NWA Democrat-Gazette/Charlie Kaijo)

Canoo Inc. said Thursday its will supply an electric vehicle to the U.S. Army for analysis and demonstration.

"This is another opportunity to prove our proprietary technology -- which is customizable and adaptable for multiple use cases and special environments," Canoo Chairman & Chief Executive Officer Tony Aquila said in a statement.

Earlier this week Canoo, and Walmart Stores Inc. announced a deal where the EV maker will provide 4,500 electric delivery vans to the giant retailer. Plans are for the vehicles to be produced in the company's manufacturing plant in Pryor, Okla., beginning by the end of the year.

Canoo's shares surged on the news, gaining 53% the day the Walmart deal was announced. Canoo's stock also moved up Thursday after announcing its Army news with shares closing at $4.61, up $1.04 or 29% in trading on the Nasdaq. Shares have traded as low as $1.75 and as high as $13.35 over the past year.

In July Canoo said it won a contract with the National Aeronautics and Space Administration to build the Artemis Crew Transport, which will convey astronauts from a staging area to their spacecraft.


Print Headline: Army to try out Canoo electric vehicle

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