Written by Cláudio Afonso | [email protected] | LinkedIn | X
The EV startup Canoo announced on Tuesday the signing 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.
This agreement underscores Canoo’s first mover advantage in the region and supports Saudi Arabia’s Green Initiative. Canoo’s proprietary technology ensures seamless integration into Jazeera Paints’ operations, signaling a major step towards sustainable mobility in the GCC.
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Canoo’s electric vehicles will be among the first to be sold internationally in Saudi Arabia, thanks to their Foreign Trade Zone approval. This approval helps lower costs and increase profits, something crucial for the company throughout 2024.
On Monday, 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.
In late January, Canoo fulfilled its agreement with Zeeba by delivering the initial units. This delivery marked the commencement of a pre-existing contract with Zeeba, encompassing a total of 5,450 electric vehicles. As per the terms, Canoo committed to supplying 3,000 Lifestyle Delivery Vehicle (LDV) EVs for integration into Zeeba’s expansive national fleet.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
