Luxury and airport transportation service will
purchase vehicles over multiple years, enhance sustainable
fleet
JUSTIN,
Texas, Nov. 16, 2023 /PRNewswire/ --
Canoo Inc. (Nasdaq: GOEV), a leading high-tech mobility
company, today announced a contract with Los Angeles-based Prime Time Shuttle for the
purchase of up to 550 electric vehicles.
Prime Time Shuttle will purchase the Lifestyle Vehicle (LV)
Premium model vehicles over multiple years, adding to its fleet of
luxury vehicles and airport transportation shuttles that service
the Los Angeles metropolitan
area.
"As a pioneer and leader in the luxury and airport
transportation niche, we have experience serving passengers and
providing value to both our clients and the industry," said Rattan
Joea, CEO of Prime Time Shuttle. "We're practitioners of
sustainability and have a separate fleet of sustainable vehicles,
so Canoo's LVs fit nicely into our vision of providing
differentiated experiences to our clients."
Prime Time Shuttle operates in 34 states and has had more than
50 million customers and riders since starting in 1984. The company
will use Canoo vehicles as shuttles in the Los Angeles area, with long term plans of
integrating EVs to Prime Time markets outside of California.
"Canoo is passionate about delivering a zero-carbon economy that
benefits the environment and communities everywhere," said Tony
Aquila, Investor, Executive Chairman and CEO of Canoo. "We applaud
the state of California for their
disciplined approach to zero emissions. I am proud of our sales
team for opening a new market for us, and I look forward to the
partnership with Prime Time Shuttle."
About Canoo
Canoo's mission is to bring EVs to Everyone. The company has
developed breakthrough electric vehicles that are reinventing the
automotive landscape with their pioneering technologies, unique
design, and business model that spans multiple owners across the
full lifecycle of the vehicle. Canoo designed a modular electric
platform that is purpose-built to maximize the vehicle interior
space and is customizable for all owners in the vehicle lifecycle,
to support a wide range of business and consumer
applications.
Canoo has teams in California,
Texas, Michigan, Oklahoma, and Arkansas. For more information, visit
www.canoo.com and investors.canoo.com.
About Prime Time Shuttle
First Class Transportation,
LLC dba Prime Time Shuttle pioneered the ride-share; ride-hailing
transportation service industry in the greater Los Angeles area starting back in 1984. Since
1984, Prime Time Shuttle has serviced more than 50
million passengers delivering both express and luxury Black Car
service and private van services. Serving all of Southern California along with 80+ airports
throughout the U.S. and abroad, they continue to innovate and
adapt to an ever-changing demographic of customer and demand.
PRIME TIME SHUTTLE is licensed by the California Public Utilities
Commission: First Class Transportation Svc operates under the
authority of the California Public Utilities Commission: PSC
16462
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward-looking statements may be identified by the use of words
such as "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements regarding access to capital, estimates and forecasts of
financial and performance metrics, expectations and timing related
to commercial product launches and the achievement of operational
milestones, including the ability to meet and/or accelerate
anticipated production timelines, Canoo's ability to capitalize on
commercial opportunities, current or anticipated customer orders,
and expectations regarding the development of facilities. These
statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Canoo's management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Canoo. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in domestic and foreign business,
market, financial, political and legal conditions; Canoo's ability
to continue as a going concern; Canoo's ability to access existing
and future sources of capital via debt or equity markets, which
will impact execution of its business plans and could require Canoo
to terminate or significantly curtail its operations; Canoo's
history of losses; Canoo's ability to adequately control the costs
associated with its operations; Canoo's ability to successfully
build and tool its manufacturing facilities, establish or continue
a relationship with a contract manufacturer or failure of operation
of Canoo's facilities ; the rollout of Canoo's business and the
timing of expected business milestones and commercial launch;
future market adoption of Canoo's offerings; risks related to
Canoo's go-to-market strategy and manufacturing strategy; the
effects of competition on Canoo's future business, and those
factors discussed under the captions "Risk Factors" and
"Management's Discussion and Analysis of Financial Condition and
Results of Operations" in Canoo's Annual Report on Form 10-K for
the fiscal year ended December 31, 2022 filed with the U.S.
Securities and Exchange Commission (the "SEC") on March 30, 2023, as well as its past and future
Quarterly Reports on Form 10-Q and other filings with the SEC,
copies of which may be obtained by visiting Canoo's Investors
Relations website at investors.canoo.com or the SEC's website at
www.sec.gov. If any of these risks materialize or our assumptions
prove incorrect, actual results could differ materially from the
results implied by these forward-looking statements. There may be
additional risks that Canoo does not presently know or that Canoo
currently believes are immaterial that could also cause actual
results to differ from those contained in the forward-looking
statements. In addition, forward-looking statements reflect Canoo's
expectations, plans or forecasts of future events and views as of
the date of this press release. Canoo anticipates that subsequent
events and developments will cause Canoo's assessments to change.
However, while Canoo may elect to update these forward-looking
statements at some point in the future, Canoo specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Canoo's assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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SOURCE Canoo Technologies Inc.