California-headquartered EV startup Canoo Inc. GOEV said on Wednesday that it has delivered electric vehicles to fleet management company Zeeba as part of an agreement dating back to October 2022.
What Happened: About 15 months ago, Zeeba signed an agreement with Canoo to purchase 5,450 electric vehicles, with an initial binding commitment of 3000 units of Canoo Lifestyle Delivery Vehicles (LDVs) through 2024.
Canoo CEO Tony Aquila views the collaboration with Zeeba as a significant advancement in the electrification of commercial fleets across the United States. "With an impressive revenue growth, Zeeba has increased its number of clients by 10 times in the last two years and has a large backlog of clients waiting for Canoo vehicles,” he said.
Zeeba CEO Kayvon Marashi clarified that over 1000 Zeeba clients are awaiting Canoo’s EVs.
Why It Matters: Canoo reported an adjusted net loss of $46.1 million in the third quarter, lower than the net loss of $86.5 million reported in the corresponding quarter of 2022. At the end of the third quarter, the company had cash and cash equivalents of $8.3 million.
Price Action: Canoo shares closed 13.3% higher on Wednesday at $0.20. The shares fell 1.4% in the after-hours trading.
Image credits: Canoo
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