Canoo, an American startup company from Los Angeles, received thousands of orders for its Lifestyle Delivery Vehicles from a work-ready rental van company.
9,300 Orders
After receiving orders from Walmart, Canoo secured another thousand orders of its Lifestyle Delivery Vehicles from another company, Kingbee Rentals, a work-ready rental van company. Based on a report from Electrek, 9,300 orders were secured by the company, and Kingbee can potentially double the orders to 18,600 vehicles in the future.
Kingbee will be using these vans for construction work and will be placing them in 27 states where the company operates. As of now, there is no specific time included in the company's statement regarding when they will start receiving the orders. Other clients of Kingbee include Sunrun Inc. and the Utah Department of Health.
Kingbee's Chief Executive Officer Scott Haslam stated that the reason for them to choose Canoo over other EV producers in the US was because of its durability and sustainability, as that is what the company is looking for, Teslarati confirmed on their report.
He added, "Our assets are our business and we need products that provide the best driver experience with durability. We've seen that small and medium businesses are looking for sustainable, affordable and flexible solutions that don't tie up all of their cash so this is a win-win for Kingbee. Providing a customized solution that handles well and has great ergonomics for the work vehicle industry."
Orders from Different Companies
In July this year, Canoo also received orders from Walmart with at least 4,500 delivery electric vehicles. The same with Kingbee, these orders can possibly double up to 10,000 in total. Aside from Walmart, Zebba also purchased LDVs for over 5,000 orders.
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These orders were the reason for Canoo's 12% to $1.45 growth in the premarket trading, as per Market Watch's report. However, in the company's Q1 2022 report, it experienced a $125 million net loss, which made the company doubt its future. Canoo almost filed for bankruptcy after these reports.
Fortunately, Canoo received $1 billion in its sales pipeline and has been continuing to survive the industry until the end of the year.
Canoo Chief Executive Officer Tony Aquila said that these orders, especially from Kingbee, were a milestone for the company. He added that "This order is yet another key milestone as we allocate production capacity for the coming years. New and legacy innovators recognize a need for safety, efficiency, and productivity in their fleet portfolio."
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Written by Inno Flores
