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Walmart Gives Embattled Tesla Rival Canoo a Lifeline

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Canoo, a young electric-vehicle maker going through dire financial straits, found a lifeline when it needed it.

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Financial problems have plagued Canu's future to the point where analysts were wondering whether the company would file for a restructuring or be bought out by a competitor.

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Canoo posted a net loss of $125.4 million for the first quarter, up from $15.2 million in the first quarter of 2021.

Canoo said it needed at least $180 million for its operations for the second quarter ended June. The group said it only has $104.9 million in cash.

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The company said retail giant Walmart has placed an order for 4,500 of its electric vans. According to Canu, the Bentonville, Ark., retail giant has an option for thousands more vans.

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Will order merchandise online, and has the potential to be used for Walmart Golocal, the retailer's delivery-as-a-service business.

The EV maker is taking advantage of the competition between Walmart and Amazon.

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Among its vast array of e-commerce services, Walmart offers InHome, which delivers groceries directly to customers' fridges and freezers.

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Established in 2017, Canoo develops electric vehicles. One of its creations is the Lifestyle, an innovative minivan whose prototype was unveiled in 2019.

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