EV Company Canoo Spent Double Its Annual Revenue on CEO’s Private Jet in 2023

[ad_1]

Some may dispute the whole point of this story electric car companies and making the world a better place by reducing carbon emissions and fighting global warming. That’s what makes it all the more interesting that EV startup Canoo appears to have spent double what it raised last year on its CEO’s private jet.

Canoo’s latest report for 2023, which was released this week, shows that the company spent $1.7 million to repay Aquila Family Ventures, the company of Canoo’s CEO, Tony Aquila, as previously reported. Results TechCrunch Monday. The company’s charges are related to “flight refunds,” the listing says.

“Mr. Akula, through an entity he owns (Aquila Family Ventures, LLC (“AFV”)), owns a private jet that was acquired without our resources, a plane that he uses for business travel. We reimburse Mr. Aquila for other costs and expenses of another person in connection with the use of their aircraft for business-related travel related to the Company, excluding fees and other expenses incurred by them,” the document read.

Meanwhile, the company only brought in $886,000 in revenue in the same year. Doing some quick crazy math, it turns out that, yes, the company spent more on its cruise line than it did on electric cars.

These stories are both funny and sad, although it is not unusual for companies to operate in the red for years and years. It took Uber until last year to make a profit.

There is, however, another beautiful and terrible phenomenon that the company is spending a lot of money, not selling cars that save the world. TechCrunch provides more information on Canoo’s big financial success versus its lack of revenue over the past few years:

The company generated $886,000 in revenue in 2023 compared to zero dollars in 2022, while the company donated 22 vehicles to organizations like NASA and the state of Oklahoma. And it cut its loss from operations by nearly half, from $506 million in 2022 to $267 million in 2023. The difference in revenue is still huge though: The company reported a net loss of $302.6 million in 2023.

Gizmodo has reached out to Canoo for comment and will update this story if it responds.

[ad_2]

Source link

Leave a Reply

Your email address will not be published. Required fields are marked *