The retailer will be the first to receive
Canoo's Lifestyle Delivery Vehicle which is anticipated to begin
hitting the road for Walmart deliveries in 2023.
BENTONVILLE, Ark., July 12,
2022 /PRNewswire/ -- Walmart (NYSE: WMT) has signed a
definitive agreement with Canoo (NASDAQ: GOEV), a high-tech
advanced mobility company, to purchase 4,500 all-electric delivery
vehicles, beginning with the Lifestyle Delivery Vehicle (LDV), with
the option to purchase up to 10,000 units. The vehicles will be
used to deliver online orders in a sustainable way which will also
contribute to Walmart's goal to achieve zero-emissions by 2040.
While the LDV is expected to begin hitting the road in 2023, the
companies plan to kick-off advanced deliveries to refine and
finalize vehicle configuration in the Dallas Fort Worth metroplex in the coming
weeks.
The LDV: Engineered for
sustainable last mile deliveries with improved driver ergonomics
and safety
Canoo's fully electric Lifestyle Delivery Vehicle (LDV) is an
American-made commercial EV optimized for sustainable last mile
delivery use cases. As with all Canoo vehicles, the LDV is built on
a proprietary multi-purpose platform (MPP) architecture that
integrates the motors, battery module and other critical driving
components. The LDV has a last mile delivery optimized cabin and
customized cargo space. Canoo is utilizing true steer by wire
technology, reducing moving parts and cabin intrusion, resulting in
more usable interior space, better driver ergonomics and the
addition of a panoramic window to improve road visibility.
The LDV is engineered for high frequency stop-and-go deliveries
and speedy vehicle to door drop-off, including grocery and
food/meal delivery. Its customized interior is designed for small
package delivery, at competitive per stop economics. The modular
design and 120 cubic feet cargo volume are adaptable to evolve with
customer needs which contributes to a decreasing per unit
investment over time.
"We are proud to have been selected by Walmart, one of the most
sophisticated buyers in the world, to provide our high-tech,
all-electric, American made Lifestyle Delivery Vehicle to add to
their impressive logistics capabilities. Our LDV has the turning
radius of a small passenger vehicle on a parking friendly, compact
footprint, yet the payload and cargo space of a commercial delivery
vehicle. This is the winning algorithm to seriously compete in the
last mile delivery race, globally," said Tony Aquila, Investor,
Chairman and CEO of Canoo. "Walmart's massive store footprint
provides a strategic advantage in today's growing 'Need it now'
mindset and an unmatched opportunity for growing EV demand,
especially at today's gas prices."
Expanding Walmart's Last Mile
Delivery Fleet
Canoo's electric vehicles will be driven by Walmart associates
and used to deliver online orders, from groceries to general
merchandise, as well as the potential to be used for Walmart
GoLocal, the retailer's delivery-as-a-service business.
"We're thrilled to continue diversifying our last mile delivery
fleet with Canoo's unique and sustainably focused all-electric
technology which will provide our associates with safe, ergonomic
delivery vehicles," said David
Guggina, senior vice president of innovation and automation,
Walmart U.S. "Today, the closest Walmart to customers is right in
their pockets – it's the Walmart app. 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."
In addition to dedicated fulfillment centers, Walmart uses 3,800
of its stores, which are located within 10 miles of 90% of the U.S.
population, to fulfill online orders. The retailer does this using
a combination of Walmart associates, independent contractors
driving on the Spark Driver Network, third-party delivery service
providers, and in some locations, autonomous vehicles and drones,
to make deliveries. Through their expansive last mile delivery
network, Walmart can reach 80% of the U.S. population with same-day
delivery on a growing assortment of items.
Collaborating Close to
Home
Canoo's agreement with Walmart builds on the company's existing
commitments in the state of Arkansas. Last year Canoo announced it had
selected Bentonville, Arkansas, as
its headquarters and Pryor,
Oklahoma as the site for its U.S. manufacturing, further
establishing an EV ecosystem in the heartland to create thousands
of technology and manufacturing jobs in the surrounding
communities.
"We're encouraged that by being located in close proximity to
the Canoo headquarters, we have the advantage to collaborate and
innovate in real-time as well as the opportunity to aid in the
creation of manufacturing and technology jobs here in our home
state of Arkansas," added
Guggina.
Canoo anticipates starting production of the Lifestyle Delivery
Vehicles beginning in Q4, 2022.
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 bold innovations in design, pioneering
technologies, and a unique business model that spans the full
lifecycle of the vehicle. Distinguished by its experienced team
from leading technology and automotive companies – Canoo has
designed a modular electric platform purpose-built to deliver
maximum vehicle interior space that is customizable across all
owners in the vehicle lifecycle to support a wide range of vehicle
applications for consumers and businesses.
Canoo has teams in California,
Texas, Oklahoma and Arkansas. For more information, please visit
www.canoo.com. For Canoo press materials, including photos, please
visit press.canoo.com. For investors, please visit
investors.canoo.com.
About Walmart
Walmart Inc. (NYSE: WMT) helps people around the world save
money and live better — anytime and anywhere — in retail stores,
online, and through their mobile devices. Each week, approximately
230 million customers and members visit more than 10,500 stores and
clubs under 46 banners in 24 countries and eCommerce websites. With
fiscal year 2022 revenue of $573
billion, Walmart employs approximately 2.3 million
associates worldwide. Walmart continues to be a leader in
sustainability, corporate philanthropy and employment opportunity.
Additional information about Walmart can be found by
visiting corporate.walmart.com, on Facebook
at facebook.com/walmart and on Twitter
at twitter.com/walmart.
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 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 access future capital, via debt or equity markets, or other
sources; 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, 2021 filed with the U.S. Securities
and Exchange Commission (the "SEC") on March
1, 2022, 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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