CMI - Canoo stock surges over 100% on agreement with Walmart

Canoo Inc. ( NASDAQ: GOEV ) stock more than doubled shortly after Tuesday’s market open after inking a new agreement with Walmart.

Per the agreement, Canoo ( GOEV ) us set to provide 4,500 all-electric delivery vehicles to the Arkansas-based retailer, beginning with the Lifestyle Delivery Vehicle that is due for release next year. Walmart has the option to buy a total 10K vehicles in the terms of the agreement as well.

"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,” Canoo ( GOEV ) CEO Tony Aquila said. "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."

The new deal with Canoo adds to Walmart’s existing vehicle partnerships with Cummins ( CMI ), Nikola ( NKLA ), Freightliner, and Daimler ( OTCPK:DTRUY ) that were expanded in June . Walmart has also worked extensively with Google’s Waymo for autonomous delivery projects .

Read more on liquidity issues confronting Canoo .

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