According to Electrek, an EV startup, Canoo reported private jet bills totaling $1.7 million for CEO Tony Aquila last year, surpassing its entire revenue for 2023 while reporting a loss of $302 million.
Canoo, despite being a publicly traded company, did not generate a profit in the previous year. However, according to its full-year earnings report, it reported revenue of $886,000. Additionally, the company's CEO, Tony Aquila, reported major travel expenses, which included either first-class airfare or the use of his private jet for business purposes, as disclosed in the company's filing.
But it's worth noting that Aquila, the company's chairman, owns a significant stake in Canoo, further intensifying scrutiny over its financial management.
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As Canoo struggles to achieve profitability amid fierce competition in the EV market, it faces mounting pressure to justify its spending and streamline operations to ensure long-term sustainability. Ultimately, the goal for the EV startup was to avoid the fate of other failed EV startups like Arrival, Lordstown Motors, and Proterra.
Established in 2017 and headquartered in Texas, Canoo produces various vehicles, including passenger vans, delivery vans for Walmart, and crew transport vehicles for NASA. In the previous year, Canoo commenced its initial commercial fleet customer deliveries from its manufacturing facility in Oklahoma City, with a production target of 20,000 units.
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