Walmart kicked off a deal with electric vehicle company Canoo on Tuesday to purchase 4,500 of its last-mile delivery vehicles. While the deal is not exclusive, it does prevent Canoo from making sales to Walmart’s rival Amazon.
Walmart’s agreement to purchase up to 10,000 electric vans from startup-turned-SPAC Canoo includes a caveat blocking sales to Amazon, according to a regulatory filing first reported on by Bloomberg. Canoo had warned last quarter that it may not have enough money to stay in business, so it’s no surprise that the company took this deal with Walmart, despite the restrictions.
Canoo shares surged more than 50% when the news of the deal broke, but have since fallen 1.65% in after-hours trading on Wednesday. The company’s shares are down nearly 56% year-to-date.
Amazon may not be interested in Canoo anyway. The online retail giant has ordered 100,000 vehicles from Rivian, of which it also owns a 20% stake. While it’s not clear how ma …
