Walmart Purchasing 4,500 Electric Vehicles From Canoo – $WMT $DIA

Published Jul 14, 2022
Agriculture & Energy
Market News
Walmart

By John F. Heerdink, Jr.

Reportedly, Walmart Stores, Inc. (WMT) is collaborating with American automotive startup, Canoo Inc. to purchase 4,500 electric vehicles nearing its goal to attain net-zero emissions by the year 2040. The deal further includes Canoo’s fully electric Lifestyle Delivery Vehicle, the production of which is expected to begin in the fourth quarter of 2022.

Last month, Walmart said it was expanding transportation pilots with the manufacturers of electric, hydrogen, and natural gas-powered vehicles, including Daimler Truck’s Freightliner and Cummins Inc. In January, Walmart informed that it has reserved 5,000 electric delivery vans with General Motors’ commercial EV business, BrightDrop.

Canoo Chief Executive Officer Tony Aquila expects to build 14,000 to 17,000 vehicles in 2023.

“By continuing to expand our last-mile delivery fleet in a sustainable way, we’re able to provide customers and Walmart+ members with even more access to same-day deliveries while keeping costs low,” stated David Guggina, senior vice president of innovation and automation at Walmart U.S.

The financial terms of the deal were not disclosed.

Walmart Stores, Inc. (WMT) is a worldwide retailer that operates in various formats. The three segments of the company include Walmart U.S., Walmart International, and Sam’s Club. The company is comprised of discount stores, supermarkets, supercenters, hypermarkets, warehouse clubs, cash and carry stores, home improvement stores, specialty electronics stores, apparel stores, drug stores, convenience stores, membership-only warehouse clubs; and retail Websites. To learn more about Walmart (WMT) and to continue to track its progress please visit the Vista Partners Walmart Coverage Page.

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