The Clap Walmart (NYSE: WMT) will purchase 4,500 electric vehicles from EV startup manufacturer Canoo Inc (NASDAQ: GOEV)
The Deets Walmart aims to achieve net-zero emissions by 2040. The retailer announced it’s looking to electric, hydrogen, and natural gas-powered vehicle manufacturers to help it reach its 2040 goal. While the financial terms of the deal were not disclosed, the news sent Canoo’s stock price soaring more than 50% yesterday. However, the stock remains more than 50% down year-to-date.
Why this Matters Walmart isn’t alone in this EV endeavor. Other companies have pledged to shift their delivery fleets to EVs, including Amazon, UPS, & FedEx.