Canoo signed a vehicle sales agreement with Jazeera Paints, which will initially purchase 20 of Canoo’s EVs into its fleet this year, with the option to expand to 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. It aligns with initiatives within the Gulf Cooperation Council (GCC) region to enhance sustainable mobility solutions, Canoo said.
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, the company said.
Jazeera Paints will be deploying Canoo’s LDV 130 and LDV 190 delivery vehicles within its existing fleet, which operates throughout the Kingdom of Saudi Arabia and MENA. Jazeera Paints said this commitment supports the Saudi Green Initiative’s imperative that 30% of new car sales in the Kingdom are electric by 2030.
Canoo said its 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.
“This partnership is a key milestone in our targeted geographic expansion to the KSA region with a large and important fleet focused on deploying sustainable technologies across the fast-growing industry it serves,” Tony Aquila, investor, executive chairman, and CEO of Canoo, said. “I have had the pleasure of working closely with Abdullah bin Saud Al-Romaih, the CEO of Jazeera Paints, on how we can partner together to deliver on the Crown Prince’s environmental initiatives for the Kingdom’s Vision 2030.”
Both companies said they anticipate this alliance will catalyze further innovation and collaboration.
