Separately, Canoo announced the appointment of Ken Manget to Chief Financial Officer
Canoo, a high-tech advanced mobility company, has 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 distributor 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 company’s proprietary multi-purpose platform (MPP) architecture that integrates all high-tech components such as the motors, battery module and other critical driving components. Engineered with true steer-by-wire technology, Canoo vehicles have reduced moving parts and cabin intrusion, resulting in more usable interior space, better driver ergonomics and the addition of a panoramic window to improve road visibility. The modular design also facilitates the ability to localize the offering and provides for a scalable local manufacturing approach.
“Through our diverse operating companies including GCC Olayan, we have introduced many leading international brands, products and services in Saudi Arabia,” said Uwaidh K. Al-Harethi, CEO of Olayan Saudi Holding Company (OSHCO). “An unswerving commitment to excellence and in-depth knowledge of the local market are the mainstay of our continuing success and strong track record. We recognize that there is a growing demand for sustainable mobility solutions in Saudi Arabia, partly driven by the Kingdom’s launch of the Saudi Green Initiative and its pledge to achieve net zero by 2060. With that in mind, we are pleased to sign the product and service distribution agreement with Canoo and are proud to be the exclusive distributor of its electric vehicles in our market. The new partnership will combine GCC Olayan’s over 75 years of experience in the automotive and adjacent sectors with Canoo’s innovative electric vehicle technology to cater to this need in the market and contribute to global efforts to tackle carbon emissions as well as to Saudi Vision 2030’s sustainability goals.”
Since 1947, GCC Olayan has been one of the pioneers in transforming the Saudi market in various industries and representing many well-recognized global brands in heavy, medium and light vehicles, construction equipment, oil and gas, power generation and other various sectors, all of which have contributed to the development of the Kingdom’s infrastructure.
Under Saudi Arabia’s Vision 2030, the Kingdom has set an ambitious course for electric vehicle adoption and sustainable mobility solutions. Canoo’s award-winning vehicles and advanced mobility digital solutions will uniquely address the market for purpose-built vehicles to meet fleet needs, in the industrial, transportation, delivery, tourism, retail sectors, and beyond.
Ken Manget is now Canoo Chief Financial Officer
Canoo this week also announced it has named Ken Manget as Chief Financial Officer. Reporting directly to Aquila, Manget will be responsible for Capital Markets, Investor Relations, Accounting & Financial Reporting. Ramesh Murthy, who served as interim CFO, will continue in his role as Senior Vice President, Finance and Chief Accounting Officer.
“We are pleased to appoint Ken to Canoo’s executive management team. We have worked together for many years, starting at Ontario Teachers’ Pension Plan including as a consultant to AFV Partners,” said Aquila. “I’d like to thank Ramesh for his hard work in the interim CFO role. As we now move to the go-to-market phase, he will focus his attention on his SVP and Chief Accounting Officer duties.”
Manget has many years of financial industry experience on the buy and sell side, including running a multi-billion global equity investment strategy at Ontario Teachers’ Pension Plan, and having originated and closed several billion of equity, debt and structured finance transactions while at BMO Capital Markets.
About Canoo
Canoo’s mission is to bring EVs to Everyone. The company has developed breakthrough electric vehicles that are reinventing the automotive landscape with bold innovations in design, pioneering technologies, and a unique business model that spans the full lifecycle of the vehicle. Canoo has teams in California, Texas, Michigan, Oklahoma and Arkansas. For more information, please visit www.canoo.com. For Canoo press materials, including photos, please visit press.canoo.com. For investors, please visit www.investors.canoo.com.
About Olayan Saudi Holding Company
Olayan Saudi Holding Company’s journey into existence began in 1947 when its founder, Suliman S. Olayan, established his first company which later became one of many that comprise Olayan Saudi Holding Company, a Saudi-based diversified business enterprise with commercial and industrial operations spread across Saudi Arabia and the wider Middle East and North Africa regions. The company’s portfolio includes more than 25 companies operating in six sectors, namely, food and beverages, restaurants, health and personal care, information and communications technology (ICT), energy and B2B.
A partner of choice for over 75 years and an employer of choice, to over 14,000 qualified professionals from different nationalities and backgrounds in its inclusive and diverse workplaces. With a commitment to a responsible and sustainable approach to business, Olayan Saudi Holding Company has a strong focus on its environmental and social impact as well as ensuring the highest level of governance. Olayan Saudi Holding Company proudly invests in local businesses and suppliers, and actively contributes to the development of the Saudi market and its industries, having introduced many major international brands and manufacturing industries that touch almost all aspects of life.
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