Did Canoo (GOEV) just reveal a new partnership with Chick-Fil-A for EVs?

EV maker Canoo (GOEV) may have found its latest partner in the fast food chain known for its legendary chicken sandwiches. That’s right, Chick-Fil-A may be set to use Canoo EVs, according to the automaker’s latest post.

Canoo, like most EV startups, has struggled to raise cash and ramp production amid rising expenses.

After draining cash and expressing “serious doubt” in its ability to continue operations early last year, Canoo’s fate reversed. The company signed deals with top-tier retailers and organizations, including NASA, the US Army, Walmart, and, most recently, Schindler Elevator.

Building on its progress, Canoo recently secured a long-term lease for its manufacturing facility in OKC, where it will operate a full assembly line for its flagship Lifestyle Vehicles (LVs).

During its first-quarter earnings call, CEO Tony Aquila said the company now has an order book valued at $2.8 billion and will announce the finalization of two important sales agreements shortly. Aquila continued to say one will be with a Fortune 100, and the other a Fortune 500.

Although Chick-Fil-A is neither, Canoo teased a potential partnership with the fast food chain in its latest Twitter post.

Canoo posted, “When we said multipurpose LDV, we DO it +!” tagging names of its current partners along with Chick-Fil-A and EVs.

Furthermore, if you zoom in, the model in the picture posted appears to be a new variant, furthering the multipurpose LDVs lineup.

The EV maker says it’s focused on managing cash after reserves fell to $6.7 million in Q1 and improving capital allocation as it moves to the next phase, production.

Meanwhile, Canoo does expect rapid growth, anticipating the ability to produce 20,000 EVs annually by the end of 2023 and 40,000 in 2024 to meet the demand.

Check back soon, as we’ll keep you updated with the latest details on the Canoo and Chick-Fil-A partnership.

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