Canoo ships vans to rental company

Electric vehicle maker Canoo said Wednesday that it has delivered some of its LDV 130 delivery vehicles to Utah-based Kingbee Vans — a work-ready van rental company — as part of a deal announced in October 2022.

Canoo did not detail the number of vehicles it delivered to Kingbee as part of Canoo’s manufacturing ramp-up in Oklahoma City. Additional deliveries as scheduled through 2024, the company said.

“We are proud that an increasing number of our vehicles are on the roads of America, and we are looking forward to our vehicles joining Kingbee and its impressive list of customers,” Tony Aquila, Canoo’s executive chairman and chief executive officer said in a statement.

The Kingbee deal is part of an arrangement to purchase 9,300 vehicles, with an option to double that amount, based on availability. Aquila has said Canoo has an order book valued at more than $3 billion.

Canoo has yet to post a profitable quarter or meaningful revenue and has been burning through cash as it tries to bring its vehicles to market. It has produced only a handful of vehicles so far, recently delivering three to the State of Oklahoma.

In September, Canoo shifted its shares to trade on the Nasdaq Capital Market after Nasdaq put it on notice six months ago that the company no longer met certain listing requirements. The move keeps Canoo’s stock trading on a 24-hour public exchange and keeps it from over-the-counter trading, but it comes with a ticking clock of its own — Canoo shares need to trade above $1 for 10 consecutive days over the next 180 days or face delisting once again.