Canoo (NASDAQ: GOEV) is engaged as an electric vehicle developer and manufacturer, which is primarily focused on commercial and industrial-based advanced mobility fleet solutions. Shares of the commercial EV company are rallying 18% through early trading on Monday, October 17, 2022. Over the past three months, Canoo has seen average daily volume of 8.29 million shares. However, volume of 10.16 million shares or dollar volume of around $15.34 million, has already exchanged hnads through early trading.
Shares of Canoo are gaining after the company announced that it has received a binding order from Kingbee for 9,300 Canoo electric vehicles. The national work-ready van rental company also has the option to increase its order to a total of 18,600 EVs. Kingbee says it plans to “upfit, wrap and deliver” the Canoo EVs as commercial fleet solutions for small & medium sixed businesses (SMBs) around the United States.
Canoo’s American-made electric vehicles are built on the company’s proprietary multi-purpose platform (MPP) architecture, which can customize modular configurations for different work use cases. The EV company says it also provides most of its vehicle service, maintainence and updates over the air, which helps increase productivity and delays for vehicle servicing.
Kingbee is a provider of turn-key fleet rental solutions, which maintains a customer base across 27 states. Some of Kingbee’s enterprise customers include the Utah Department of Health, Sunrun, Nivo Solar, Blue Raven, and more.
“At Canoo, we engineer and design for fleets, enterprise, SMBs and their workforce. This order is yet another key milestone as we allocate production capacity for the coming years. New and legacy innovators recognize a need for safety, efficiency and productivity in their fleet portfolio. Our LDV has it all in a fully electric multi-generational platform, with market pushing customization, that is made to last and outperform expectations,” said Tony Aquila, Chairman & CEO at Canoo. “Canoo’s proprietary platform and tophat technology enables Kingbee to adapt their fleet for evolving use cases at a class leading ROI, while allowing their customers to benefit from a vehicle, that is engineered for workers and optimized for ergonomics, with superior visibility, maneuverability and safety.”
Disclosure: No position. Spotlight Growth has no relationships with any of the companies mentioned in this article and did not receive payment in any form for its creation. This is an opinion article and is not meant to be financial advise. We are not broker-dealers or investment professionals. Please conduct your own due diligence. For more information on our disclosures, please visit: https://spotlightgrowth.com/disclosures/