Canoo (NASDAQ:GOEV) stock is charging higher on Tuesday after the electric vehicle (EV) company signed a deal with commerce giant Walmart (NYSE:WMT).
The deal has Walmart ordering 4,500 EVs from Canoo with an option to purchase an additional 10,000 units of the company’s Lifestyle Delivery Vehicle (LDV). Walmart will use these EVs for delivery of online orders.
Walmart is electrifying its delivery fleet as part of its effort to reach zero emissions by 2040. Canoo states the LDV will start seeing use next year, but also notes test deliveries from Walmart will be made ahead of the official rollout.
Tony Aquila, investor, Chairman and CEO of Canoo, said the following in a press release.
“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.”
GOEV stock is seeing incredibly heavy trading today following news of the deal with Walmart. This has nearly 100 million shares changing hands as of this writing. That’s a massive leap over its daily average trading volume of about 2.9 million shares.
GOEV stock is up 84.8% as of Tuesday morning. However, the stock is still down 45.9% year-to-date.
Investors seeking out more recent stock market news will want to keep reading!
We’ve got all of the latest stock news traders need to know about for today! Among that is what has shares of Pepsi (NASDAQ:PEP), Peloton (NASDAQ:PTON) and GameStop (NYSE:GME) stock moving. You can find out all about that at the links below!
More Tuesday Stock Market News
- Pepsi (PEP) Stock Pops on Q2 Earnings Beat
- What Is Going on With Peloton (PTON) Stock Today?
- Can the GameStop NFT Marketplace Help GME Stock Turn Around?
On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
