Canoo Inc. (NASDAQ: GOEV), a high-tech advanced mobility company,
announced its innovative electric vehicles will be used in a pilot
program by Red Sea Global (RSG), the developer behind the
regenerative tourism destinations The Red Sea and AMAALA.
Red Sea Global will pilot Canoo’s Lifestyle Vehicle (LV),
Lifestyle Delivery Vehicle (LDV) 190, and the Bulldog pickup truck.
The Canoo vehicles will be piloted for travel between Red Sea
Global’s international airport, its various resorts, facilities,
and excursions. This trial will help tailor Canoo’s zero-emission
vehicles to RSG’s use cases and mobility needs.
Canoo’s premium LV will provide transportation for guests
traveling between Red Sea International Airport (RSI) and its
resorts and residential properties. Likewise, Canoo’s LDV 190 can
help with the movement of guest luggage items between RSI and the
various properties. Canoo’s Bulldog fits the use case and needs of
RSG’s experience companies, Akun, WAMA, and Galaxea, for
transporting guests to their various excursions.
“Red Sea Global is an inspiring development illustrating the
Crown Prince’s Vision 2030 goal to responsibly diversify its
economy in an eco-friendly way. This resort will further transform
the Kingdom showing the world the beauty of the Red Sea, which is a
cornerstone of his vision. If you’ve been there in the last few
years you would marvel at the scale and pace that his team has
progressed the project with unique experiences.” said Tony Aquila,
Investor, Executive Chairman, and CEO of Canoo. “This pilot is an
important step in further aligning our product portfolio to deliver
climate-friendly, all-terrain, and climatic-conditioned versions of
our platform. We are excited and honored to return to this
important region with our first Red Sea edition pilot
vehicles!”
“When we first laid out our vision of regenerative tourism, we
knew that not all of the solutions we’d need to achieve our goals
yet existed. That is why we seek to work with forward-thinking
partners who are pioneering the technology that could help us in
the fight against climate change. Canoo is an innovator in the
world of clean mobility and we’re proud to be putting their ideas
and technology to the test at our unique destinations,” said John
Pagano, Group CEO at Red Sea Global.
About Canoo
Canoo Inc.'s (NASDAQ: GOEV) mission is to bring EVs to Everyone.
The company has developed breakthrough electric vehicles that are
reinventing the automotive landscape with their pioneering
technologies, unique design, and business model that spans multiple
owners across the full lifecycle of the vehicle. Canoo designed a
modular electric platform that is purpose-built to maximize the
vehicle interior space and is customizable for all owners in the
vehicle lifecycle, to support a wide range of business and consumer
applications. Canoo has teams in California, Texas, Oklahoma, and
Michigan. For more information, visit www.canoo.com and
investors.canoo.com.
About Red Sea Global
Red Sea Global (RSG - www.redseaglobal.com) is a closed
joint-stock company wholly owned by the Public Investment Fund
(PIF) of Saudi Arabia.
It is a vertically integrated real estate developer with a
diverse portfolio across tourism, residential, experiences,
infrastructure, transport, healthcare, and services. This includes
the luxury regenerative tourism destinations The Red Sea, which
began welcoming guests in 2023, and AMAALA, which remains on track
to welcome first guests in 2025.
A third destination, Thuwal Private Retreat, will open this
year, and RSG has also been entrusted with refurbishment works at
Al Wajh Airport, focused on upgrading the existing terminal and
infrastructure, and building a new international terminal.
RSG is a cornerstone of Saudi Arabia’s ambition to diversify its
economy. Across its growing portfolio of destinations, subsidiaries
and businesses, RSG seeks to lead the world towards a more
sustainable future, showing how responsible development can uplift
communities, drive economies, and enhance the environment.
Media Contacts:
press@canoo.com
jack.williams@redseaglobal.com
Forward-Looking Statements
The information in this press release includes "forward-looking
statements" within the meaning of the "safe harbor" provisions of
the United States Private Securities Litigation Reform Act of 1995.
Forward- looking statements may be identified by the use of words
such as "estimate," "plan," "project," "forecast," "intend,"
"will," "expect," "anticipate," "believe," "seek," "target" or
other similar expressions that predict or indicate future events or
trends or that are not statements of historical matters. These
forward-looking statements include, but are not limited to,
statements about our plans, expectations and objectives with
respect to the results and timing of the reverse stock split and
the effect the reverse stock split will have on the Company’s
ability to regain compliance with the Nasdaq Listing standards.
These statements are based on various assumptions, whether or not
identified in this press release, and on the current expectations
of Canoo's management and are not predictions of actual
performance. These forward-looking statements are provided for
illustrative purposes only and are not intended to serve as, and
must not be relied on by any investor as, a guarantee, an
assurance, a prediction or a definitive statement of fact or
probability. Actual events and circumstances are difficult or
impossible to predict and will differ from assumptions. Many actual
events and circumstances are beyond the control of Canoo. These
forward-looking statements are subject to a number of risks and
uncertainties, including changes in domestic and foreign business,
market, financial, political and legal conditions; Canoo's ability
to access future capital, via debt or equity markets, or other
sources; the rollout of Canoo's business and the timing of expected
business milestones and commercial launch; future market adoption
of Canoo's offerings; risks related to Canoo's go-to-market
strategy and manufacturing strategy; the effects of competition on
Canoo's future business, and those factors discussed under the
captions "Risk Factors" and "Management's Discussion and Analysis
of Financial Condition and Results of Operations" in Canoo's Annual
Report on Form 10-K for the fiscal year ended December 31, 2023
filed with the U.S. Securities and Exchange Commission (the "SEC")
on April 1, 2024, as well as its past and future Quarterly Reports
on Form 10-Q and other filings with the SEC, copies of which may be
obtained by visiting Canoo's Investors Relations website at
investors.canoo.com or the SEC's website at www.sec.gov. If any of
these risks materialize or our assumptions prove incorrect, actual
results could differ materially from the results implied by these
forward-looking statements. There may be additional risks that
Canoo does not presently know or that Canoo currently believes are
immaterial that could also cause actual results to differ from
those contained in the forward-looking statements. In addition,
forward-looking statements reflect Canoo's expectations, plans or
forecasts of future events and views as of the date of this press
release. Canoo anticipates that subsequent events and developments
will cause Canoo's assessments to change.
However, while Canoo may elect to update these forward-looking
statements at some point in the future, Canoo specifically
disclaims any obligation to do so. These forward-looking statements
should not be relied upon as representing Canoo's assessments as of
any date subsequent to the date of this press release. Accordingly,
undue reliance should not be placed upon the forward-looking
statements.
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