Written by Cláudio Afonso | LinkedIn | X
At a time when it is still unclear whether the electric vehicle startup Canoo will deliver the thousands of units from binding orders signed over the past few years with major customers such as NASA, Walmart, and others, Canoo’s customer Kingbee has once again delayed the estimated date to receive additional units.
Despite receiving the first units of the 9,300-unit binding order in January 2024, the short-term van rental company has yet to make Canoo vehicles available for rent, according to its website.
When the first deliveries were announced last January, neither Kingbee nor Canoo disclosed how many units had been handed over.
Last Friday, Canoo filed a new 8-K form with the SEC, announcing that it was withdrawing its guidance on the manufacturing run rate, production, and delivery of vehicles for 2024 and beyond.
A year ago, in September 2023, Kingbee stated on its website that Canoo vehicles would be shipped in the last quarter of the year, after delaying the original September 2023 deadline as initially reported by a user on X.
As of the time of writing, Kingbee’s website reads: “Kingbee has partnered with Canoo, Inc. to offer short-term leases on work-ready commercial EVs to fleets in need of vehicles. Kingbee upfits, wraps, and delivers vehicles to fleets on a month-to-month basis for maximum flexibility. Our Canoo vehicles are set to start shipping in Q3 2024. Get on the waitlist below.”
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The company has now updated the expected delivery date again, moving it from September 2023 to the third quarter of 2024. If this deadline is met, Canoo will begin shipping the vehicles in the next two weeks.
Kingbee customizes, wraps, and delivers Canoo vehicles as work-ready fleet solutions for companies across the United States.
For the current quarter, Canoo said it expects its revenues to be between $100,000 and $1.2 million versus the consensus from Wall Street analysts of $2.45 million. Based on the updated revenue guidance, the company expects less than a dozen units delivered to customers between July and the end of September.
Greg Ehtridge, the chief financial officer of the electric vehicle (EV) startup, said last month that the company expects “to have vehicles” in the UK and “pilot with them by the end of the year”.
Last month, the co-founder and Chief Technology Officer Sohel Merchant left the company seven years after helping founding it.
Written by Cláudio Afonso | LinkedIn | X
