JUSTIN, Texas (KNWA/KFTA) — Electric vehicle startup Canoo, which has plans to relocate its headquarters to Northwest Arkansas, signed an agreement on Jan. 26 with GCC Olayan to become the exclusive distributor of its electric vehicles in Saudi Arabia.

According to a press release from Canoo, the first phase of the agreement is for the sale, distribution, service maintenance and repair of Canoo vehicles.

The release says 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.

The thousands of vehicles that Canoo has signed agreements for might never be produced. In its most recent quarterly report, Canoo said there is still a “going concern” and that it has identified substantial doubt about its ability to continue. The report says if Canoo can’t get additional funding. It will be unable to execute its business plans and may have to end or “significantly curtail” its operations.

Canoo announced its plans to move its headquarters to Bentonville in November 2021.

The company says the facility will feature advanced industrialization and a low-volume production facility for small package delivery vehicles in the state.

According to Canoo, these and other investments will bring at least 545 high-paying jobs to Benton and Washington counties.