Walmart is buying at least 4,500 electric vans from Arkansas-based Canoo, which will build the vehicles at a new factory in Pryor Oklahoma next year.
The retail giant has ordered 4,500 electric, which last November announced it was moving its main office to Bentonville, Arkansas, near Walmart's headquarters.
The Canoo Lifestyle Vehicle Walmart will be using is a minivan-sized panel van with an advertised range of 250 miles per charge and a retail price of $34,750. The vehicles will be manufactured in a new facility being built in Pryor, Oklahoma. Canoo stock more than doubled in early Tuesday trading on the news.During its first quarter earnings call, the company warned investors that there were doubts it could continue as a "going concern" amid low cash reserves, which the Walmart order will help alleviate.
Walmart is in the process of electrifying its delivery fleet and has also ordered 5,000 larger vans from General Motors' new electric delivery truck division Brightdrop.
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