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Zeeba adds Canoo LVDs as part of their Fleet.

Updated: Oct 14, 2023

Zeeba, a Van Rental company out of Burbank California, has added The Canoo

"Lifestyle Vehicle" as part of the fleet along side Ford's E-Transit and GM's Bright Drop vans. Well actually, they call it the "Canno" van but it seems like they're still in the midst's of working on their website. Hopefully they fix it and other obvious errors with the site before the actual press release drops. On their Social Media channels, Zeeba showed photos from Canoo's facility in Justin, Texas with the following caption: "The Zeeba team had the opportunity to visit Canoo at their HQ in Texas this past week. Canoo is an EV automotive manufacturer whose mission is to bring EVs to everyone. Canoo's bold innovations in design, pioneering technologies, and a unique business model is changing the EV vehicle landscape. Our team had a blast test driving and learning more about their lineup of EV vehicles. Expect to see an exciting announcement coming from Zeeba and Canoo in the coming weeks! "

I'll be honest, I've never heard of Zeeba before - so I don't expect any announcement with them to do much for the market sentiment, but it does give us some good breadcrumbs.

It implies Canoo expects to add CA to its list of initial Roll Out states. Originally this was TX, OK, AR, MO, KS and then TN was added to the list. Canoo has incorporated to do business in all of those states so far except for KS. Seeing as how Canoo currently has their HQ and a shop in Torrence CA - to help with service & maintenance - it makes sense for CA to also be included in the initial roll out

I'm anticipating a 500-1000 unit order from them - so $15 - $30M in additional revenue which is nice but Canoo doesn't have a problem with demand - it has a problem with supply. Market won't care until they prove they can supply the demand. What I find more interesting is Zeeba's PR with now-defunct ELMS from late last year:

I don't think their van sharing pilot program ever started up, at least not that I found from a quick search, but It sounds like it'd be an easy transition from ELMS to Canoo, perhaps using gamma's while Canoo continues to prep itself for SOP. In the latest ER Tony did mention that a customer is using Canoo software already so It wouldn't surprise me if part of the upcoming announcement with Zeeba is a combination of a purchase order & pilot program using Canoo fleet management software.

As I said earlier, I don't think any announcement involving Zeeba alone will do much - but any clarity for Canoo's Go-To-Market strategy will be appreciated. It will be interesting to see if Zeeba will get any added their fleet in 2023. eCarra & Earth Rides who offer EV-only ridesharing have also posted that they intend to add Canoo vehicles to their fleets but no details given on when that might happen.

Authors disclosures: I am long Canoo - I own common shares, warrants and call options. #canoo #zeeba #rentals #ELMS


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