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Canoo Inc., a notable high-tech EV mobility company, has entered the Saudi Arabian market by finalizing a vehicle sales agreement with Jazeera Paints, a leading paint manufacturer in the Gulf Cooperation Council (GCC) and Middle East and North Africa (MENA). This move not only marks Canoo’s foray into the international arena but also underscores the company’s commitment to sustainable mobility solutions.
Key Highlights:
- Canoo Inc. signs agreement with Jazeera Paints, tapping into the Saudi Arabian EV market worth over $30 billion.
- Initial purchase of 20 electric vehicles with an option for up to 180 more, showcasing a robust entry strategy.
- Vehicles to be integrated into Jazeera Paints’ fleet in 2024, aligning with the Saudi Green Initiative for electric vehicle adoption by 2030.
- Canoo’s LDV 130 and LDV 190 models will be utilized, equipped with proprietary technology and software for enhanced operational efficiency.
- Partnership highlights commitment to environmental initiatives in line with Saudi Arabia’s Vision 2030.
The agreement involves Jazeera Paints incorporating 20 of Canoo’s electric vehicles (EVs) into its fleet starting in 2024, with the potential expansion to 180 vehicles. This initiative positions Canoo as a pioneering force in the Saudi EV market, which boasts a total addressable market (TAM) of over $30 billion. The collaboration aligns with the broader goals within the GCC to promote sustainable mobility solutions.
Canoo’s vehicles, including the LDV 130 and LDV 190 delivery models, will be integrated into Jazeera Paints’ operations throughout Saudi Arabia and the MENA region. These vehicles are distinguished by their steer-by-wire technology and a proprietary software stack that enables seamless integration into Jazeera Paints’ workflows. Additionally, Canoo’s custom-built shelving solutions obviate the need for third-party upfitting, streamlining operations and reducing downtime.
The partnership is hailed as a milestone in Canoo’s geographic expansion and a testament to both companies’ dedication to sustainable technologies. “This partnership is a key milestone in our targeted geographic expansion to the KSA region with a large and important fleet that is focused on deploying sustainable technologies across the fast-growing industry it serves,” Tony Aquila, Investor, Executive Chairman, and CEO of Canoo, remarked.
Echoing this sentiment, Abdullah bin Saud Al-Romaih, CEO of Jazeera Paints, emphasized the agreement’s significance in advancing sustainability goals, “I am delighted to announce this agreement to purchase electric vehicles from Canoo, which symbolizes Jazeera Paints’ commitment to sustainability and eco-friendly technologies and materials.”
This strategic alliance between Canoo and Jazeera Paints is not just a commercial agreement but a forward-looking partnership poised to drive innovation and collaboration in electric mobility and sustainable transportation in the GCC and beyond.
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