Written by Cláudio Afonso | LinkedIn | X
Electric vehicle startup Canoo announced on Monday that it is partnering with Northside, a provider of automotive service, maintenance, and repair, as part of its expansion into the United Kingdom.
As recently reported by EV, Royal Mail, the UK’s largest electric fleet operator, has started piloting electric delivery vehicles from the Texas-based EV startup.
Northside operates 280 service points across the UK and will handle the service support and maintenance of Canoo’s light commercial vehicles (LCVs) for commercial fleet and government customers.
The partnership will also see Northside sourcing parts inventory directly from Canoo for customer use, utilizing the company’s 72 physical locations across England, Scotland, and Wales.
Additionally, Canoo guaranteed that Northside has a dedicated team of trade parts representatives based at a central location to manage daily operations related to parts sales across its network.
As of the time of writing, the EV stock is trading 3.30% higher during the pre-market trading session at $0.52.
Canoo reported last week a $0.8 million decline in its cash and cash equivalents during the first five weeks of the quarter, leaving it with less than that amount on hand and raising serious financial concerns.
Canoo is currently seeking shareholder approval for another reverse stock split—the second this year—as it aims to regain compliance with Nasdaq’s listing requirements. On Thursday, its stock fell 14%, closing at $0.53.
Last week, Canoo announced it would refund all retail customer deposits accumulated since unveiling its first models in May 2021.
Written by Cláudio Afonso | LinkedIn | X
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