Canoo Inc (NASDAQ: GOEV) has signed an exclusive agreement with GCC Olayan, a subsidiary of Olayan Saudi Holding Company (OSHCO).
The agreement is for sale, service, and distribution of Canoo fleet solutions in Saudi Arabia.
The first phase of the agreement is for the sale, distribution, service maintenance, and repair of Canoo vehicles.
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 manufacturing.
GCC Olayan has been a distributor of premier brands in Saudi Arabia for more than 75 years.”
“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,” said OSHCO CEO Uwaidh K. Al-Harethi.
Price Action: GOEV shares are trading higher by 13.38% at $1.44 in premarket on the last check Wednesday.
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This article originally appeared on Benzinga.com
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Source: https://finance.yahoo.com/news/canoo-gains-distribution-agreement-gcc-124054648.html