Canoo announces definitive partnership agreement with GCC Olayan

Canoo announces definitive partnership agreement with GCC Olayan

Riyadh, Saudi Arabia – 26 January 2023: Canoo (NASDAQ: GOEV), a high-tech advanced mobility company, today signed an exclusive agreement with “GCC Olayan (General Contracting Company) a leading multi-national subsidiary of Olayan Saudi Holding Company (OSHCO), for sale, service and distribution of Canoo fleet solutions In Saudi Arabia. GCC Olayan has been a distributer of premier brands in Saudi Arabia for more than 75 years and is the founding company of the global Olayan Group.

The first phase of the agreement is for the sale, distribution, service maintenance and repair of Canoo vehicles. Additionally, Canoo and GCC Olayan will also work to develop a joint venture to launch a digital vehicle ecosystem for service maintenance repair, local assembly and eventually manufacturing.

"It has been an honor to work with the Olayan group companies over many years. Our agreement to bring Canoo’s award-winning vehicles to the region is grounded in our mutual commitment to customer service. The Olayan Group is a global business leader with decades of experience in distribution partnerships with some of the world’s leading brands and they are a proven partner to support EVs in the region,” said Tony Aquila, Chairman & CEO at Canoo.

Canoo vehicles are built on the