Canoo taps into the $30B Saudi Arabian EV market 

(Credit: Canoo)

Canoo is tapping into Saudi Arabia’s electric vehicle (EV) market, estimated to have a total addressable market of over $30 billion. 

According to a press release emailed to Teslarati, the mobility company’s entry point into the Saudi Arabian EV market is Jazeera Paints. Canoo recently signed a vehicle sales agreement with Jazeera Paints, a paint manufacturer in the Gulf Cooperation Council (GCC), which encompasses Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates. The paint manufacturer also operates in the Middle East and North Africa (MENA). 

Jazeera Paints will purchase 20 Canoo EVs and deploy the company’s LDV (Lifestyle Delivery Vehicles) 130 and LDV 190 delivery vehicles in its fleet this year. Depending on the initial 20 vehicles’ performances, it may order an additional 180 LDVS from Canoo. 

Canoo’s 20 LDVs for the paint manufacturer will be its first international sales exported to Saudi Arabia. Jazeera Paints operates throughout the Kingdom of Saudi Arabia and MENA.

“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. 

Canoo’s EVs for Jazeera Paints will cost less per unit because the U.S. Department of Commerce recently approved its Oklahoma City facility as a Foreign Trade Zone (FTZ). The company predicts its FTZ approval will result in higher margins. 

Canoo has delivered specialized LDVs to NASA’s Kennedy Space Center. It also delivered six LDV units for the U.S. Postal Service and the state of Oklahoma.

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Canoo taps into the $30B Saudi Arabian EV market 
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