Written by Cláudio Afonso | [email protected] | LinkedIn | X
The U.S. electric vehicle startup Canoo signed on Monday a partnership with Red Sea Global (RSG) to pilot its electric vehicles at the renowned regenerative tourism destinations, The Red Sea and AMAALA.
AMAALA is an ultra-luxury tourism destination being developed along the Red Sea coast in northwestern Saudi Arabia with more than 4,000 sq. km — yes, km. The first phase of the luxurious complex is expected to be finished by 2025.
Red Sea Global will test three models including Canoo’s Lifestyle Vehicle (LV), Lifestyle Delivery Vehicle (LDV) 190, and Bulldog pickup truck for eco-friendly transportation between its international airport, resorts, and excursions.
Canoo’s Pickup Truck Targets Over 500 Horsepower and 200-Mile Range and is available for Pre-Order in AWD or RWD Mode.
“Red Sea Global is an inspiring development illustrating the Crown Prince’s Vision 2030 goal to responsibly diversify its economy in an eco-friendly way. This resort will further transform the Kingdom showing the world the beauty of the Red Sea, which is a cornerstone of his vision. If you’ve been there in the last few years you would marvel at the scale and pace that his team has progressed the project with unique experiences.” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo.
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The first phase of development of the AMAALA complex is set for completion by 2025 and will consist of more than 1,300 hotel rooms across eight different resorts. When complete in 2027, it will be home to more than 3,000 hotel rooms across 25 hotels, and approximately 900 luxury residential areas.
Last week, the company signed a deal with Jazeera Paints for a electric vehicle deal in Saudi Arabia. Jazeera Paints will initially purchase 20 EVs (LDV 130 and LDV 190 ), with the potential for 160 more, marking the entrance of Canoo into the $30 billion Saudi EV market.
Last week, Canoo published its Q4 2023 earnings report, disclosing a net loss of $29.0 million for the quarter and a cumulative loss of $302.6 million for the year.
In the final quarter of 2023, Canoo initiated its first commercial fleet customer deliveries from its Oklahoma City factory. During Q4 2023, the company manufactured 17 vehicles, contributing to a total of 22 units produced throughout the year. Looking ahead to 2024, Canoo expects annual revenue in the range of $50 million to $100 million, a wide range that stands below the analyst consensus of $152.52 million.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
