Canoo sends vehicle to Army for analysis

A Canoo Lifestyles vehicle is shown, Friday, May 20, 2022 at the Canoo car manufacturing plant in Bentonville.  (NWA Democrat-Gazette/Charlie Kaijo)
A Canoo Lifestyles vehicle is shown, Friday, May 20, 2022 at the Canoo car manufacturing plant in Bentonville. (NWA Democrat-Gazette/Charlie Kaijo)

Canoo Inc., an electric vehicle maker with operations in Bentonville and plans to place its headquarters there, said Thursday it delivered its Light Tactical Vehicle, or LTV, to the U.S. Army for analysis.

In July, Canoo said it was awarded an Army contract to present its LTV for evaluation and demonstration. The vehicle can be configured as a flatbed truck or cargo vehicle. It is engineered for extreme environments and even includes a stealth configuration, according to the company.

"The LTV is another milestone proving the power of our technology and how it can be used, even in tactical situations," Tony Aquila, chairman and chief executive officer at Canoo said in a statement.

During a conference call in November with analysts, Aquila said Canoo had more than $2 billion in its order pipeline for companies including Walmart, Utah-based van provider Kingbee and Los Angeles-based Zeeba. Initial construction of the vehicles is being handled by a third party.

On Nov. 17 the company said it reached its start of production goal, noting it will shift production in the first half of 2023 to its Oklahoma City factory.

Shares of Canoo closed at $1.38, up 4 cents or 3% in trading Thursday on the Nasdaq. Shares have traded between $1.02 and $11.51 in the past year.