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Canoo signs exclusive distribution agreement with GCC Olayan in Saudi Arabia

Stock Markets Jan 25, 2023 01:52PM ET
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© Reuters. Canoo (GOEV) signs exclusive distribution agreement with GCC Olayan in Saudi Arabia
 
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By Michael Elkins

Canoo Inc (NASDAQ:GOEV) announced Wednesday that the advanced mobility company has signed an exclusive agreement with GCC Olayan, a leading multi-national subsidiary of Olayan Saudi Holding Company. The agreement covers the sale, service, and distribution of Canoo fleet solutions in Saudi Arabia.

"It has been an honor to work with the Olayan group companies over many years. Our agreement to bring Canoo's award-winning vehicles to the region is grounded in our mutual commitment to customer service. The Olayan Group is a global business leader with decades of experience in distribution partnerships with some of the world's leading brands and they are a proven partner to support EVs in the region," said Tony Aquila, Chairman & CEO at Canoo.

Uwaidh K. Al-Harethi, CEO of Olayan Saudi Holding Company (OSHCO), commented, "Through our diverse operating companies including GCC Olayan, we have introduced many leading international brands, products and services in Saudi Arabia. An unswerving commitment to excellence and in-depth knowledge of the local market are the mainstay of our continuing success and strong track record. We recognize that there is a growing demand for sustainable mobility solutions in Saudi Arabia, partly driven by the Kingdom's launch of the Saudi Green Initiative and its pledge to achieve net zero by 2060. With that in mind, we are pleased to sign the product and service distribution agreement with Canoo and are proud to be the exclusive distributor of its electric vehicles in our market. The new partnership will combine GCC Olayan's over 75 years of experience in the automotive and adjacent sectors with Canoo's innovative electric vehicle technology to cater to this need in the market and contribute to global efforts to tackle carbon emissions as well as to Saudi Vision 2030's sustainability goals."

Additionally, Canoo and GCC Olayan will also work to develop a joint venture to launch a digital vehicle ecosystem for service maintenance repair, local assembly, and eventually manufacturing.

Shares of GOEV are up 5.39% in mid-day trading on Wednesday.

Canoo signs exclusive distribution agreement with GCC Olayan in Saudi Arabia
 

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