January 31, 2023

Canoo Deal sets up sales in Saudi Arabia

Canoo Inc., an electric vehicle maker with offices in Bentonville and planning to set up its headquarters there, announced on Wednesday that it has reached an agreement to sell its vehicles in Saudi Arabia.

The first phase of the contract with GCC Olayan – a subsidiary of Olayan Saudi Holding Company – concerns the sale, distribution, maintenance and repair of Canoo vehicles, according to a press release. The agreement also includes plans to establish a network for the on-site repair, assembly and manufacture of Canoo vehicles.

“The Olayan Group is a global leader with decades of experience in distribution partnerships with some of the world’s leading brands and they are a proven partner in supporting electric vehicles in the region,” Canoo Chairman and CEO Tony Aquila said in a statement.

During a conference call with analysts in November, Aquila said the company has more than $2 billion in its order pipeline for companies like Walmart, Utah-based van supplier Kingbee and Los Angeles-based Zeeba. Initial construction of the vehicles will be performed by a third-party contractor, with production expected to move to Canoo’s new plant in Oklahoma City in the first half of this year.

Canoo shares closed at $1.25 on the Nasdaq on Wednesday, down 2 cents, or just over 1%.

– John Magsam

State milk yield falls 23% since 21

Milk production in Arkansas was down in the fourth quarter as the state’s herds continue to decline year-on-year.

Arkansas dairy cows produced 10 million pounds of milk from October through December, down 23% from the same period last year but up 11% from the third quarter. A gallon of milk weighs 8.6 pounds.

In the fourth quarter of 2022, the average dairy cow herd in the country was 3,500 head, down 1,000 head from a year ago and down 22%, but remained unchanged from the previous quarter.

In the United States, milk production totaled 56 billion pounds in the fourth quarter, up 1% from a year ago. The average number of dairy cows for the period was 9.41 million head, 27,000 more than a year ago but 4,000 fewer than in the third quarter of 2022.

– John Magsam

The index stands at 829.36 after rising 7.76

The Arkansas Index, a price-weighted index that tracks the state’s largest public companies, closed at 829.36 on Wednesday, up from 7.76.

“Equities opened significantly lower on negative earnings sentiment in the technology sector, but the market subsequently rallied and closed relatively flat led by financials and consumer discretionary stocks,” said Leon Lants, managing director at Stephens Inc.

The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of December 30, 1997.

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