Canoo Inc. signed a vehicle sales agreement with Jazeera Paints. Jazeera Paints will initially purchase 20 Canoo's electric vehicles (EVs) into its fleet in 2024, with the option to expand up to 180 additional vehicles. This agreement taps into the Saudi Arabian EV market, which commands a total addressable market (TAM) of over $30 billion, and aligns with initiatives within the GCC region to enhance sustainable mobility solutions.

These vehicles will be one of Canoo?s first international sales exported to Saudi Arabia utilizing Canoo?s recently approved Foreign Trade Zone (FTZ) which contributes to lower unit cost and higher margins. In addition, these electric commercial delivery vehicles provide Canoo with a first mover advantage in the Saudi market and a competitive position in the Gulf Cooperation Council (GCC) region. Jazeera Paints will be deploying Canoo's LDV 130 and LDV 190 delivery vehicles within its existing fleet, which operate throughout the Kingdom of Saudi Arabia and MENA and support Jazeera Paints' commitment to the Saudi Green Initiative?s imperative that 30% of new car sales in the Kingdom are electric by 2030.

Canoo?s delivery vehicles are built on a proprietary multi-purpose platform with steer-by-wire technology. Canoo?s software stack allows for end-to-end integration into Jazeera Paints' workflow and its custom-built shelving eliminates the need for third-party upfitting, thereby reducing downtime for operations. Looking ahead, this partnership between Canoo and Jazeera Paints represents the beginning of a transformative journey in the realm of electric mobility.

Both companies anticipate this alliance will catalyze further innovation and collaboration, paving the way for a more sustainable and technologically advanced future in commercial transportation within the GCC and beyond.