Benzinga | Oct 25, 2021 02:39PM EDT

Canoo Picks Panasonic To Supply Batteries For Lifestyle Vehicle

* Canoo Inc (NASDAQ:GOEV) has signed an agreement with Panasonic Corp (OTC:PCRFF) to supply batteries for its Lifestyle Vehicle. The financial terms of the deal were not disclosed.

* The Lifestyle Vehicle, scheduled for production in Q4 2022, will be manufactured by VDL Nedcar and will support the U.S. and EU product demand.

* "We designed our battery systems to account for future advancements in cell technology and today we are excited to announce the selection of Panasonic, a global technology company and a leader in the cylindrical lithium-ion battery industry, as our partner," said Tony Aquila, Investor, Chairman & CEO, Canoo.

* Price Action: GOEV shares are trading higher by 7.80% at $7.535 on the last check Monday.