Canoo signs vehicle sales agreement with Jazeera Paints

Canoo signed a vehicle sales agreement with Jazeera Paints, a paint manufacturer in the Gulf Cooperation Council and Middle East and North Africa. Jazeera Paints will initially purchase 20 Canoo’s electric vehicles 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 of over $30B, 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 which contributes to lower unit cost and higher margins as announced in Canoo’s press release on March 18. 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 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 percent of new car sales in the Kingdom are electric by 2030.