Canoo Inc., an innovator in the high-tech advanced mobility sector, has announced a substantial vehicle sales agreement with Jazeera Paints, a leading paint manufacturer in the Gulf Cooperation Council and MENA regions. The deal, which will see Jazeera Paints integrate 20 of Canoo’s electric vehicles into their fleet in 2024, with an option for up to 180 more, marks Canoo’s first foray into the burgeoning Saudi Arabian EV market—currently valued at over $30 billion.
Canoo’s entry into the Saudi market is facilitated by their newly established Foreign Trade Zone, which allows them to offer their products at a lower cost, thereby increasing profit margins. This advantageous position is highlighted in a March 18, 2024, press statement by Canoo. Additionally, this move grants Canoo a competitive edge within the GCC, where sustainable mobility is being actively promoted.
Jazeera Paints plans to deploy Canoo’s LDV 130 and LDV 190 electric delivery vehicles, aligning with Saudi Arabia’s Green Initiative, which targets 30 percent of new car sales as electric by 2030. These vehicles, built on Canoo’s proprietary multi-purpose platform with advanced steer-by-wire technology, will seamlessly integrate into Jazeera Paints’ operations without the need for external modifications, reducing operational downtime.
“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. I have had the pleasure of working closely with Abdullah bin Saud Al-Romaih, the CEO of Jazeera Paints, on how we can partner together to deliver on the Crown Prince’s environmental initiatives for the Kingdom’s Vision 2030,” said Tony Aquila, Investor, Executive Chairman, and CEO of Canoo.
“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,” said CEO of Jazeera Paints, Abdullah bin Saud Al-Romaih. “Tony and I have been working on this partnership for over a year and are excited about the future possibilities of ways we can work together to achieve our sustainability goals.”
The collaboration between Canoo and Jazeera Paints is poised to be the genesis of a transformative era in electric mobility. Both entities anticipate that this partnership will spur continued innovation and foster further collaborative efforts, setting the stage for a greener, technologically advanced future in commercial transport across the GCC and beyond.
Canoo Inc., listed on NASDAQ as GOEV, is on a mission to make electric vehicles accessible to everyone. The company has been at the forefront of the EV industry with its groundbreaking technologies, distinctive design, and a business model that addresses the vehicle lifecycle for a broad spectrum of business and consumer needs. With teams spread across California, Texas, Oklahoma, and Michigan, Canoo is redefining the automotive space. More details can be found on their official website and investor relations page.
Established in 1979 in Riyadh, Saudi Arabia, Jazeera Paints has been a trailblazer in paint manufacturing for the GCC and MENA. Known for producing high-quality, eco-friendly paints, the company has maintained its prominence in the market, boasting an annual production capacity of over 500,000 tons and a network of more than 750 active showrooms in and outside KSA.
Media Contacts
Canoo Inc.: press@canoo.com
Jazeera Paints: Pr@jazeerapaints.com
The content of this press release includes forward-looking statements, which are based on current expectations and projections about future events. These statements are not guarantees of future performance and involve risks, uncertainties, and assumptions that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements. Canoo Inc. does not undertake any obligation to update these statements in the future.