Why Canoo Shares Shot Up Over 100% Today

Canoo Inc GOEV shares are trading higher by 78.5% to $4.22 Tuesday morning after Walmart signed a definitive agreement with the 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.

Canoo says the LDV is engineered for high frequency stop-and-go deliveries and speedy vehicle to door drop-off, including grocery and food/meal delivery. Its customized interior is designed for small package delivery, at competitive per stop economics. Canoo added that The modular design and 120 cubic feet cargo volume are adaptable to evolve with customer needs which contributes to a decreasing per unit investment over time.

"We are proud to have been selected by Walmart, one of the most sophisticated buyers in the world, to provide our high-tech, all-electric, American made Lifestyle Delivery Vehicle to add to their impressive logistics capabilities. Our LDV has the turning radius of a small passenger vehicle on a parking friendly, compact footprint, yet the payload and cargo space of a commercial delivery vehicle. This is the winning algorithm to seriously compete in the last mile delivery race, globally," said Tony Aquila, Investor, Chairman and CEO of Canoo.

"Walmart's massive store footprint provides a strategic advantage in today's growing 'Need it now' mindset and an unmatched opportunity for growing EV demand, especially at today's gas prices."

Canoo is a mobility technology company. The company designs and manufactures electric vehicles for both commercial and consumer markets.

According to data from Benzinga Pro, Canoo has a 52-week high of $13.35 and a 52-week low of $1.75.