Walmart purchases 4,500 electric trucks from an Arkansas startup called Canoo

The company Canoo, which the last November said it was relocating its head headquarters to Bentonville, Arkansas, close to Walmart’s headquarters, has received an order from the retail giant for 4,500 electric delivery trucks.

The panel van-sized Canoo Lifestyle Vehicle that Walmart will use has a suggested retail price of $34,750 and an estimated range of 250- miles per charge.

In a brand-new plant being developed in Pryor, Oklahoma, the automobiles will be produced. On Tuesday morning trading, the price of Canoo shares more than doubled.

Walmart deliveries will be made using the Canoo Lifestyle Vehicle van. (Walmart)

The firm told investors during its first quarter results call that there were concerns about its ability to continue as a “going concern” due to insufficient financial reserves; however, the Walmart deal will assist to allay those concerns.

The Lifestyle Vehicle boasts a distinctive rectangular steering wheel. (Canoo)

Canon will work with Walmart to specially modify the vehicle to their last-mile delivery needs and hopes to have them in service in 2023. Walmart has the opportunity to raise the purchase to 10,000 automobiles.

The Lifestyle Vehicle can carry 120 cubic feet of stuff. (Canoo)

Walmart is in the midst of electrifying its delivery fleet and has also bought 5,000 bigger vans from General Motors’ new electric delivery truck company Brightdrop.

A seven-seat passenger variant of the Canon Living Vehicle is now available, and the first deliveries are presently slated to begin later this year.