EV startup Canoo has filed for bankruptcy. Here’s a look at what happened and what’s next.

Canoo announced the Chapter 7 filing Friday evening after the markets closed and said it would “cease operations” immediately.

In a Chapter 7 bankruptcy a company’s assets are sold to pay creditors. Although some companies survive bankruptcies, those are usually Chapter 11 reorganizations.

In the case of a Chapter 7 bankruptcy, a company usually ceases to exist once the proceedings are completed.

In terms of what’s next, although Canoo didn’t inform stockholders, Canoo contracted with worldwide auction site Bid It Up well ahead of the bankruptcy filing.

Earlier in the week, before the filing, Bid It Up announced an auction of some of Canoo’s assets for February 6.

Bid It Up calls the listed Canoo equipment, “former assets.” The list includes things like laser cutters, forklifts and fabrication equipment.

Related: More Canoo coverage

The Chapter 7 filing was made with the U.S. Bankruptcy Court for Delaware and will result in the federal appointment of a bankruptcy trustee to oversee the liquidation. Canoo said it’s team will collaborate closely with the trustee.

Canoo has also pulled down its customer website.

For several days the site was dead before the canoo.com URL was eventually re-directed to the investors’ website, which at the time of this post’s publication was still active.

In a last ditch attempt at survival, Canoo announced a1-for-20 reverse stock split in December to pump its stock price back up above the NASDAQ’s minimum requirement of $1 per share.

Two days earlier it announced furloughs and said it would idle its factory, saying at the time it was focused on finalizing securing additional capital.

Canoo hasn’t revealed how many EVs it built in 2024 but based on publicly available news releases, comments, photos and videos, it appears doubtful Canoo ever got its Oklahoma assembly line up and running. Or if parts of the line were working, the site never reached mass production.

CEO Tony Aquila said in 2023 that the company was ramping up for a 20,000 unit run rate and that the plant could break even at 40,000 units.

Investors Criticize Canoo For Cost Of CEO’s Private Jet

In April of 2024 concerns among some investors grew when a SEC filing showed Canoo paid the CEO’s other company $4.1 million to use the family’s private jet and pay it’s related fees for business travel in 2022 and 2023. Business Insider was among the news outlets that did stories on Aquila’s private jet bills.

Canoo had also gone silent on announcing new customer orders. Back in December of 2023, Canoo claimed its order book was worth over $3 billion dollars and previously showed off high profile customers that included Walmart.

Aquila, who was one of Canoo’s biggest investors, said in a news release announcing the bankruptcy, “We would like to thank the company’s employees for their dedication and hard work. We know that you believed in our company as we did. We are truly disappointed that things turned out as they did. We would also like to thank NASA, the Department of Defense, The United States Postal Service (“USPS”), the State of Oklahoma and Walmart for their belief in our products and our company. This means a lot to everyone in the company.”

Canoo said in its bankruptcy filing that it has more than $164 million in liabilities and claimed about $126 million in assets.

While a final production number wasn’t available at the time of this post, it’s probably a safe guess to estimate that Canoo built less than 50 vehicles over its lifespan, some of which did make it into the hands of customers such as the State of Oklahoma and the U.S. Postal Service.

The last time Canoo announced any official production numbers was in April 2024, when it announced it had built 22 EVs in 2023, with 17 of those built in the fourth quarter of that year.

There’s a good chance Canoo stockholders won’t receive anything from the liquidation, or if they do, it will be pennies on the dollar.

Canoo’s Lifestyle Vehicle Ride And Demo

The post EV Startup Canoo Declares Bankruptcy, Ceases Operations appeared first on EV Rider.

It’s always fun to see what EVs attract the most viewers so we’ll end the year with a roundup of the Top 10 videos produced this year on EV Rider, based on viewership. 

Number 10: Kia EV6

Coming in at number ten, Kia enthusiasts were obviously excited that the EV6 was getting a mid-cycle refresh for the 2025 model year.  

Among the improvements: A jump in range to more than 330 miles per charge for the rear-wheel drive version and a new front end that includes daytime running lights and an LED light bar. 

Number 9: Model 3

Tesla’s Model 3 also got a mild-overhaul, which generated lots of interest as the ninth most watched video. Commonly referred to as the Highland edition, the latest Model 3 includes an upgraded interior, quieter cabin, and revised exterior styling. 

Number 8: Karma Kaveya & Gyesera

Karma is finally showing off new EVs after being reincarnated from the ashes of the first Fisker car company to go out of business. EV Rider was possibly the first media outlet to post video of the unveiling of the Kaveya and Gyesera EVs at the 2024 Amelia Island Concours d’Elegance, along with design summaries from former GM design chief Ed Welburn and Karma President Marques McCammon. Neither car has made it onto the production line yet. 

Number 7: Eli Zero Micro EV

Coming in at number 7, EV Rider viewers were obviously excited about the possibility of a $12,000 micro EV called the Eli Zero. When we interviewed  U.S. head of operations James Seargent  II, he predicted this tiny EV that’s meant for neighborhoods, urban cores and campuses would be on sale in the U.S. by the end of 2024. 

Although the Eli is on sale overseas, so far there’s no indication that the Zero will make it to American shores as soon as originally forecast. 

Number 6: Vinfast VF8

 A new entry that has made it to the U.S. is coming on strong if EV Rider video views are any indication of interest. The Vinfast VF8 road test that debuted several weeks ago is quickly climbing the viewership ladder. 

And why not? The car company from Vietnam could well end up being the next Kia when it comes to success stories. Formed in 2017, Vinfast already has a full model line-up, including the VF8 SUV EV. 

It appears Vinfast also appeals to high-tech viewers. The 3D spatial version of the VF8 road test was the number one EV Rider video for immersive virtual reality headsets like Meta Quests and Apple Vision Pros. 

Number 5: MINI Countryman All4 EV

MINI fans have something to cheer about with the arrival of the all-new Countryman ALL4 EV. It’s a huge step forward over the last-gen Cooper SE EV and given Americans tend to like bigger vehicles, it’s likely to sell better than MINI’s last EV to be imported to the U.S. 

Number 4: Fisker Ocean

Coming in at number four is an EV manufacturer that flamed out in 2024 after appearing to have a bright future in 2023. 

The second incarnation of Fisker declared bankruptcy in 2024, but not before delivering thousands of Oceans that thrilled many owners before the bad news hit. It’s a shame. Fisker’s Ocean was a nicely styled entry. 

Number 3: 2025 Zero Motorcycles Lineup

EV Rider’s motorcycling audience paid a lot of attention to Zero Motorcycle’s expanded 2025 lineup. The California-based company debuted two new models in the low end of the market: the XB and XE. Both are lightweight, off-road dirt bikes, although they are street legal in some parts of the world.  

Zero also showed off it’s Neutrino concept, which could shake up the market currently dominated by Honda’s Grom. 

Number 2: 2021 Jeep Wrangler 4xe

The number two video produced in 2024 shows just how popular Jeep is despite stumbles by its parent company Stellantis this year. Our long-term road test of a 2021 Wrangler Rubicon 4xe plug-in hybrid was the most watched video produced during 2024. 

Number 1: Canoo

And the number one video with more than 40,000 video views at last check was EV startup Canoo’s first quarter earnings call. Canoo actually had two videos produced in 2024 hit the top 10, likely driven by investor interest.

Canoo has been burning through cash and still hasn’t managed to reach any sort of meaningful production numbers despite having a multi-billion dollar order book that includes high-profile customers like Walmart. 

At the time of this post Canoo had idled it’s Oklahoma factory and had furloughed more than 80 employees to conserve cash, saying it is “in talks with various capital sources.”  

In an effort to to get back into NASDAQ compliance and prop its stock price back up, it announced a 1-for-20 reverse stock split effective December 24. 

2025 will likely be the sink or swim year for Canoo. 

Happy New Year to all of you. Here’s hoping 2025 will be the best year yet. 

The post Top 10 EV Rider Videos Of 2024 appeared first on EV Rider.

EV startup Canoo has signed an agreement to raise up to $200 million more in funding as it says it’s looking to hire about 150 workers.

Canoo announced the at-the-market (ATM) stock sales agreement with Northland Securities Monday for $142,800 million in common stock with an offering price of up to $200 million.

The Northland Securities announcement comes on the heels of Canoo filing a form with the SEC Friday withdrawing its revenue guidance and manufacturing run rates for the remainder of the year and subsequent periods.

On the surface that would seem to indicate that Canoo is less likely to hit its 2024 target of a 20,000 run-rate capacity, or perhaps even the 3,000 actual EVs it forecast making for the year.

Related: More Canoo coverage

Canoo hasn’t discussed production figures recently. Back in April Canoo said it expected to build approximately 3,000 EVs this year using what it calls a stair-step approach to a production ramp, with the capacity to build up to 20,000 by year’s end.

At the time it pointed to Ford’s and Tesla’s equivalent production ramps at similar points in their history as an illustration of a just in time funding and expansion approach.

It seems unlikely that investors will get an explanation for the guidance withdrawal or new guidance before the next quarterly report, which won’t happen until October, at the earliest. Traditionally Canoo has been somewhat slow to schedule quarterly investor calls after a quarter closes.

Meanwhile, Canoo has been moving forward with preparing to move approximately 137 engineering positions from California to Texas and Oklahoma in the fourth quarter of 2024, with the majority of those roles landing in Oklahoma, where it has its assembly and battery plants.

Canoo will be taking part in a Sidoti small-cap virtual conference on September 19, but at the time of this story’s posting Canoo had not released any agenda details.

The EV startup hasn’t announced any new fleet customers recently, although Canoo has previously said it has more than $2 billion worth of orders lined up, with the biggest orders being from Kingbee and Walmart.

Canoo’s stock had fallen from a high of $5.80 in January to $1.01 in Monday morning tradiing on Sept. 16, 2024. At the same time, Canoo is looking to fill 54 positions, according to a link on its website.

The post Canoo To Raise Up $200M In Stock Offering While Dropping Guidance appeared first on EV Rider.

Canoo held its second quarter earnings presentation on August 14, 2024 but if you were hoping for updated production numbers you came away disappointed. 

Much of the call was spent going over news previously reported by EV Rider.  

Perhaps the biggest news for investors is that Canoo continues to have the ability to raise capital ahead of meaningful volume production. 

The EV startup reported it’s raised an additional $104 million year-to-date and set a quarterly revenue record of $605,000.

Canoo Q2 Investor Call Audio

After delivering a handful of EVS to the U.S. Postal Service in May for testing, CEO Tony Aquila and his team are preparing to go after a big order from the USPS and from international customers thanks in large part to Canoo’s ability to deliver right-hand-drive vehicles. 

Related: More Canoo coverage and videos

“We are focused on the upcoming USPS RFP for electric vehicles expected later this year or in early Q1 of ’25 for an estimated 10 to 12,000 units in that RFP,” Aquila said.

Saudi Arabia could also become a big market for Canoo where Red Sea Global has now completed its 45-day testing of Canoo EVs. Aquila said the testing took place “over 3,000 miles in rigorous desert conditions, sand rock for 80% of the miles heat, 50% of the days were over 100°, with Max of 120°F and average ambient temperature of 99°.”

A significant portion of the call was spent updating investors on Walmart, which is perhaps Canoo’s highest profile customer. 

“It was July of 2022 when we announced Walmart’s order. We partnered with the Walmart team and completed two years of extensive testing and refining of specifications and use cases,” Aquila said.

The theme of the call was basically that Canoo is getting its cost structure down while continuing the build out at its Oklahoma City plant and finalizing EV configurations for orders already received. A good portion of the call was also spent discussing future sales prospects both in the U.S. and abroad.   

There was no hint of how many actual EVs have been built so far this year. Earlier Canoo said it expected to build approximately 3,000 EVs in 2024.  

Unlike many EV manufacturers, Canoo is forecasting it will be able to turn a profit on a relatively low production volume. “And so we’re not scattered, we’re not weakened, we’re not burning capital, you know, and we’re really focused on being profitable. You know, starting to breakthrough at 24,000.” Canoo’s CEO said. 

Canoo Q2 2024 Earnings Report News Release

• Quarterly revenue record of $605K
• Quarterly Adjusted EBITDA was $(38.6) million, an improvement of 38% versus Q2 2023, and an improvement of 20% versus Q1 2024
• Adjusted Net Loss Per Share was $(0.61), a 46% improvement from $(1.13) per share in Q1 2024
• 33% or $20.7 million reduction in Operating Expenses versus Q1 2024
• Reduced total quarterly cash outflow by $39 million or 49% in Q2 2024 versus Q2 2023
• Relocating headquarters from California to Texas and continued migration to our Oklahoma City and Pryor, OK facilities
• Successfully concluded Red Sea Global pilot in extreme terrains and climatic conditions
• Advanced our customer acquisition of large commercial fleets in the US, UK and Middle-East which allows us to take advantage of our right and left hand drive products
• Received 50 containers of Arrival UK assets year-to-date

Oklahoma City facility Foreign Trade Zone approved for activation

JUSTIN, Texas, Aug. 14, 2024 (GLOBE NEWSWIRE) — Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced its financial results for the second quarter of 2024.

“This quarter represented good progress with US and international customers completing pilots and testing. We are focused on left-hand drive and right-hand drive large fleet customers and finalizing their configurations,” said Tony Aquila, Investor, Executive Chairman and CEO. “This demonstrates our platform’s versatility and stability, a result of more than 34,000 recent real world, industrial use customer miles.”

Second Quarter and Recent Business Updates:

• Deliveries to US Postal Service of right-hand drive LDV 190s; on the road delivering mail
• Successful Supplier Engagement Days with approximately half of bill of materials represented in Oklahoma City
• Announced entering of Saudi Arabia market with commercial vehicle sales to Jazeera Paints
• 23% of capital raised in Q2 2024 from non-dilutive sources
• Completed initial milestone of Phase 3 of the contract with Defense Innovation Unit, a division of the U.S. Department of Defense supporting the government’s advanced energy systems research needs

Second Quarter Financial Highlights:

• As of June 30, 2024, we had cash, cash equivalents and restricted cash of $19.1 million. After giving effect to net proceeds from the July 2024 PPA totaling $14.1 million, our cash, cash equivalents and restricted cash balance would have been $33.2 million on June 30, 2024.
• GAAP net loss and comprehensive loss of $(5.0) million and $(115.6) million for the three and six months ended June 30, 2024, compared to a GAAP net loss and comprehensive loss of $(70.9) million and $(161.6) million for the three and six months ended June 30, 2023. The GAAP net loss and comprehensive loss for the three and six months ended June 30, 2024 included a gain of $48.3 million and gain of $38.8 million on the fair value change of the warrant and derivative liability, respectively, a loss on fair value change of convertible debt of $(8.5) million and $(67.1) million, respectively, and a loss on extinguishment of debt of $0.0 million and gain on extinguishment of debt of $24.5 million respectively.
• Adjusted EBITDA of $(38.6) million and $(86.9) million for the three and six months ended June 30, 2024, compared to $(62.3) million and $(129.4) million for the three and six months ended June 30, 2023.
• Adjusted Net Loss of $(42.7) million and $(100.0) million for the three and six months ended June 30, 2024, compared to $(69.1) million and $(141.1) million for the three and six months ended June 30, 2023.
• Adjusted EPS per share of $(0.61) and $(1.66) for the three and six months ended June 30, 2024, compared to $(3.14) and $(7.02) for the three and six months ended June 30, 2023.
• Net cash used in operating activities totaled $83.4 million for the six months ended June 30, 2024, compared to $129.5 million for the six months ended June 30, 2023.
• Net cash used in investing activities was $6.9 million during the six months ended June 30, 2024, compared to $33.9 million during the six months ended June 30, 2023.
• Net cash provided by financing activities was $88.5 million during the six months ended June 30, 2024, compared to $132.2 million during the six months ended June 30, 2023.

2024 Business Outlook

Based on our current projections, Canoo reaffirms its prior cash flow guidance. Additionally, due to the pacing of capital and supply chain harmonization, Canoo expects its Adjusted EBITDA to be between $(120) million to $(140) million for the second half of 2024.

See “Non-GAAP Financial Measures” section herein for an explanation of Adjusted EBITDA. The Company is unable to provide a reconciliation for forward-looking guidance of Adjusted EBITDA to net loss, the most closely comparable GAAP measure, because certain material reconciling items, such as depreciation and amortization and interest expense cannot be estimated due to factors outside of the Company’s control and could have a material impact on the reported results. A reconciliation is not available without unreasonable effort.

Editorial Disclosure: The author of this post is a Canoo shareholder.

The post Canoo Announces $605K Quarterly Revenue Record appeared first on EV Rider.

EV startup Canoo appears to be gathering momentum ahead of its second quarter 2024 earnings call. On July 3 the EV fleet manufacturer announced Go2 Delivery is buying five EV delivery vans with an option to buy 85 more.

Go2 Delivery will be using Canoo’s Lifestyle Delivery Vehicle 130 (LDV130) for healthcare deliveries in Virginia and the Chesapeake Bay area. Go2 Delivery says it is a carbon-free courier company committed to sustainable practices and the restoration of the local Chesapeake Bay ecosystem.

Meanwhile, there have been numerous sightings around Atlanta of Canoo’s postal delivery vans. Canoo has delivered six of its LDV190 EV vans to the U.S. Postal Service where they are now being used at the South Atlanta Sorting and Delivery Center to deliver the mail.  

Related: More Canoo video and story coverage

Canoo says the LDV190 has a 79-kWh battery that provides over 200 miles of range with a peak DC charging speed of 150 kW. The company says the vans charge from 20 to 80 percent in 32 minutes.  

The EV manufacturer says it’s finally starting its production ramp at its Oklahoma City plant, taking delivery of 44 containers with assembly robots in June.  

That news comes as Canoo joins the Russell 3000 stock index. The Russell 3000 Index measures the performance of the 3,000 largest publicly traded companies in the U.S. by market capitalization. 

June also marked Canoo Chief Financial Officer Greg Ethridge taking part in a round of investor conferences where he discussed the company’s ambitions to enter international markets. A portion of Ethridge’s comments from an investor call are in the video at the top of this post.

Among the markets Canoo is interested in is Saudi Arabia where Canoo announced its EVs will be used in a pilot program by Red Sea Global.  Canoo says Red Sea will be using its Lifestyle Vehicle, LDV 190 and Bulldog pick up truck to travel between Sea Global’s international airport and its various resorts. 

The company also showed off its EVs in June in the United Kingdom at the Millbrook Proving Grounds. Because Canoo uses a drive-by-wire system it can easily pivot between left-and-right hand drive EVs. 

The EV manufacturer was recognized in June with three Red Dot Design Awards. It’s LDV 190 won Best of the Best in the commercial vehicles category, while also being nominated for Red Dot’s Luminary award. Canoo’s Bulldog EV pickup also won a 2024 Red Dot Design Award. 

The Red Dot Design Award is an international design competition recognizing excellence that’s been around since 1955.  

Editorial Disclosure: The author of this post is a Canoo stockholder.

The post Canoo EVs: Spring, Summer 2024 Update appeared first on EV Rider.

EV startup Canoo (NASDAQ stock symbol GOEV) built 22 vehicles in 2023, with 17 of those being built in the fourth quarter, the company announced during its 4th quarter call on April 1, 2024.

Twelve Canoo EVs were delivered to customers including NASA, Kingbee and the State of Oklahoma; with ten being used for sales and demonstration purposes.

Related: More Canoo coverage

Among the early 2024 high-profile scheduled deliveries are six right-hand drive versions of the LDV 190 to the U.S. Postal Service. “Lookout for the first vehicle vehicles delivering your mail starting this May,” said Canoo Chairman and CEO Tony Aquila during the call.

In addition to the Postal Service, the U.S. Army is also evaluating Canoo EVs for potential orders.

Because Canoo is using driving-by-wire technology it’s relatively easy to create right-hand-drive vehicles, which Aquila says is sparking interest in Europe and is why the Postal Service is evaluating the EVs for potentially a larger purchase order. “We will showcase our right-hand-drive vehicles at several UK commercial vehicle fleet events in the coming weeks.”

Aquila said the company remains on track to reach a 20,000 run-rate capacity this year although Canoo likely won’t come anywhere close to building that many EVs in 2024. Instead, the startup expects to build somewhere in the neighborhood of 3,000 EVs in 2024 using what Canoo calls a stair-step approach.

The idea is rather than burning through a bunch of capital in the beginning by building vehicles at a per unit loss to instead build a small number at a profit and then gradually increase the assembly line speed to avoid losses and quality defects.

Aquila said Canoo is using the same basic playbook that Henry Ford and Tesla’s Elon Musk have used. “While it was chaotic and difficult, their phased approach was purely positive. As you can see [see chart image] as they moved from 3000 units and stepped up to a 20,000 unit run rate. They had their economics right.”

The CEO stressed he is very mindful of capital and wants to avoid the predicaments some other manufacturers have gotten themselves into by ramping up production too fast.

“If you look at the slide that we gave, an example of the other companies, it is very tough to make it up on volume when you get the foundation wrong and that’s why we minimize the number of parts, increase the amount of technology and our own,” adding, “this is the right way to do it. To get to the right economics and to be able to deliver a high quality product.

Canoo also snapped up some manufacturing assets at 20 cents on the dollar from Arrival Automotive UK Limited’s venture that failed, which Canoo says will allow it to further lower capital costs.

The startup has decided to steer clear of consumer customers for now, instead selling to fleet customers such as government entitities and businesses like Walmart.

Canoo has also been awarded a foreign trade zone designation, which gives it another leg up on getting per unit costs down.

The company is forecasting revenue of between $50 and $100 million in 2024 while it expects a cash burn rate of between $45 million and $75 million per quarter.

Despite that financial imbalance, the CEO expressed confidence he will be able to continue raising capital as needed. “We’ve been very effective at being able to take the market opportunities and reduce the spend that we would otherwise have done. We spent hundreds of millions less than others.”

Canoo also announced a $45 million dollar infusion from an unnamed foreign investor.

Some investors listening to the call weren’t impressed. In after-hours trading Canoo stock saw a big dip, although it did see a bit of a rebound in the next morning. When this post was published Canoo was still down overall to $2.80 from the previous day’s close of $3.87 [Current Canoo stock price]. Canoo lost $302.6 million in 2023.

After the call Canoo announced Jazeera Paints will be buying 20 of its EVs in 2024 with an option to buy 180 more.

Canoo Q4 And Fiscal Year 2023 Financial Results

The following is from Canoo’s April 1, 2024 news release:

• 45% or $184.2 million Annual Adjusted EBITDA Improvement from $(408.6) million in 2022 to $(224.4) million in 2023
• 40% or $11.9 million Reduction in Capital Expenditures versus already reduced 2023 Second-Half Guidance
• Secured USPS Agreement to Purchase Right Hand Drive LDV 190s
• Started Commercial Fleet Customer Deliveries
• Acquired Advanced Manufacturing Assets at Deep Discounts Reducing Anticipated Capital Expenditures by ~34%
• Oklahoma City Manufacturing Facility Designated as Foreign Trade Zone (“FTZ”) Opening International Expansion and Delivers up to $70.0 million in Estimated Vehicle Cost Savings and Duty Deferrals in 2024 and 2025
• Appointed Former NASA Chief Technology Officer Deborah Diaz and Veteran EV Transportation Leader James Chen to Board of Directors

JUSTIN, Texas, April 01, 2024 (GLOBE NEWSWIRE) — Canoo Inc. (Nasdaq: GOEV), a high-tech advanced mobility company, today announced its financial results for the fourth quarter and fiscal year 2023.

“In Q4 2023, we started our first commercial fleet customer deliveries from our Oklahoma City manufacturing facility while we continue to prepare the site for our 20,000 unit run-rate production target. Our strategy to purchase manufacturing assets at deep discounts creates immediate shareholder value. We recently announced our OKC facility has received FTZ designation. With positive customer validation, we are now focused on harmonizing our supply chain to align with our step level manufacturing goals while maintaining disciplined capital allocation,” said Tony Aquila, Investor, Executive Chairman and CEO of Canoo.

Fourth Quarter & Recent Business Updates:

• Completed 22 Vehicles for Full Year 2023 and 17 vehicles in Q4
• Delivered Vehicles to State of Oklahoma, Kingbee, and Zeeba in Q4, 2023
• Created 100+ Jobs in the State of Oklahoma to Scale Manufacturing
• $45.0 million Investment from Foreign Strategic Institutional Investor
• Unveiled the American Bulldog, builds upon rapid product development and real-world testing
• Conducted ~3,400 Miles of Customer Road Testing with LDV190 in Q4 and Reached over 20,000 Miles of Cumulative Testing
• Received First, Non-Dilutive Incentives from State of Oklahoma

Fourth Quarter and Fiscal Year 2023 Financial Highlights

• GAAP net loss and comprehensive loss of $29.0 million and $302.6 million for the three and twelve months ended December 31, 2023, compared to a GAAP net loss and comprehensive loss of $80.2 million and $487.7 million for the three and twelve months ended December 31, 2022.
• Adjusted EBITDA of $(54.6) million and $(224.4) million for the three and twelve months ended December 31, 2023, compared to $(60.5) million and $(408.6) million for the three and twelve months ended December 31, 2022.
• Net cash used in operating activities totaled $251.1 million for the twelve months ended December 31, 2023, compared to net cash used in operating activities of $400.5 million for the twelve months ended December 31, 2022.
• Net cash used in investing activities was $67.1 million during the twelve months ended December 31, 2023, compared to net cash used in investing activities of $66.8 million during the twelve months ended December 31, 2022.
• Net cash provided by financing activities was $288.5 million during the twelve months ended December 31, 2023, compared to net cash provided by financing activities of $290.4 million during the twelve months ended December 31, 2022.

2024 Business Outlook

Based upon our current projections, Canoo expects:

• Annual Revenue – $50 million to $100 million
• Cash Outflow – $45 million to $75 million per quarter
• Capital Expenditures – as we continue to seek opportunities to acquire distressed assets, capital expenditures guidance will be provided in future quarters

Canoo’s complete news release is available here.

The post EV Startup Canoo’s Production Numbers, Plans For 2024 appeared first on EV Rider.

As we all focus on 2024, here’s a quick look back at the top 10 EV Rider videos from 2023 and a brief look at some of what we’ll be doing in 2024. 

This list is comprised of the 10 most watched videos on the EV Rider YouTube channel that were produced 2023, with the most popular video coming in at number one. Shorts and videos from previous years were not eligble for inclusion.

#10 | Ford Mustang Mach-E Towing Test

Coming in at number ten was a Mustang Mach-E towing test. Plenty of you wanted to know how much the Mach-E can tow. The short answer is more than 3,300 pounds. The longer answer: Ford doesn’t want you towing in the U.S. but is happy to sell you an OEM hitch in Europe. 

#9 | Showdown: Ford F-150 Lightning Vs. Rivian R1T

There’s a ton of interest in EV pickup trucks right now which quickly became apparent as EV Rider pitted two local owners with a Rivian R1T and Ford F-150 Lightning against one another. 

8# | 2023 Kia EV6 GT Blows Away Many Performance Cars

Economical performance is also on the minds of EV Riders. Our road test of Kia’s EV6 GT checked in at number 8. It screams to 60 miles per hour in just 3.4 seconds. 

#7 | Tesla Owner Ditches Model X Plaid For Rivian R1S SUV

SUVs make up the hottest EV segment out there with thousands upon thousands of you wanting to know more about Rivian’s R1S SUV and why a Tesla owner dumped his Model X for the R1S. 

#6 | Owner Review: Cadillac Lyriq Debut Edition

Although Cadillac struggled with production volume for its Lyriq in 2023, our EV Rider review of Caddy’s first pure EV proved there’s plenty of interest as it checked in as our sixth-most watched video of the year. 

#5 | Energica Experia Delivers Top Notch EV Motorcycle Touring Experience

EV Rider’s fan base includes a lot of motorcyclists so it’s no surprise that so many of you couldn’t wait to learn more about Energica’s Experia, which at the time of its debut had the EV motorcycle industry’s largest battery pack. We called it a top-notch EV motorcycle touring experience. 

#4 | Long-Term Review: ’22 Mustang Mach-E

While some traditional ICE Mustang fans are still upset that Ford used the storied nameplate on its Mach-E EV, that didn’t stop more than 10 thousand of you from wanting to know about how EV Rider’s personal electric pony is holding up. In a word: great. So far I’ve put about 35,000 miles on it. 

#3 | Owner Review: Tesla Model 3 Vs. Hyundai Ioniq 5

While one YouTube channels video views certainly aren’t scientific when it comes to automotive trends the more than 10 thousand of you that watched EV Rider’s Tesla Model 3 vs. Hyundai Ioniq 5 comparison anecdotally illustrates there seems to be quite a bit of cross shopping interest between the two brands. 

#2 | Canoo EV Startup: Factory Update, Other News

EV startup Canoo is just now gearing up for volume production at its new Oklahoma City plant and EV Rider’s audience is obviously very interested in this brand. Canoo videos produced this year would have dominated five of the top ten spots if I had broken them out one by one. Altogether, Canoo videos and shorts accounted for more than 348,000 EV Rider video views in 2023.

#1 | Why Tesla Model Y Owner Switched To BMW iX

The number one individual video EV Rider produced in 2023 was a look at why one EV Rider dumped his Tesla Model Y for a BMW iX. More than 38,000 of you had watched the iX video at last check.

The Road Ahead

So what’s ahead for EV Rider in 2024? Given the high-interest level, we’ll continue to follow Canoo as it looks to ramp up its production in 2024. 

EVs Assembled In Jacksonville, FL

Cenntro, an EV fleet maker with an assembly plant right here in Jacksonville, Florida has promised us a factory tour. So watch for that video, probably sometime in mid-to-late February. 

EV Motorcycle Industry’s 1st Heavyweight Cruiser Arrives In 2024

Evoke Motorcycles is preparing to rollout the industry’s first high-volume electric cruiser 6061-GT with a massive 29.8 kWh battery. Evoke plans to let EV Rider take one for a spin during a visit to Florida in June and we expect to get to experience its Urban Classic sometime in March.

Automotive EV manufacturer and owner reviews will continue to play a big part on the channel. We’ll also continue to occasionally feature product reviews, including a review of a universal LED-lit  topbox for motorcycles.   

To everyone that’s watched EV Rider in 2023, thank you, and here’s hoping we all have a safe, prosperous and happy 2024. Enjoy the ride. 

The post EV Rider’s 2023 Top 10; What’s Ahead In 2024 appeared first on EV Rider.

EV startup Canoo has reached the revenue phase and announced limited production has started in Oklahoma with volume production still on track for a capacity of a 20,000 run-rate in the first quarter of 2024.

During Tuesday’s third quarter 2023 earnings call Canoo showed off three of its first made in Oklahoma Lifestyle Delivery Vehicles that are being delivered to the state of Oklahoma as part of an agreement to sell up to 1,000 Canoo EVs to the state. 

Although relatively small, revenue is starting to flow in. “We generated revenues of approximately $519,000 in Q3 of 2023,” said Ramesh Murthy, Canoo Sr. Vice President and Chief Accounting Officer. 

Related: More Canoo coverage

Chairman and CEO and Chairman Tony Aquila Announced Canoo’s Pryor, OK battery plant is now capable of a 20,000 run-rate and the new assembly line in Oklahoma City remains on schedule. “Today, we update the General Assembly system is on track to achieve the 20,000 unit run-rate for Q1 2024. Listen, we believe it’s essential for us to be disciplined when stepping our way into volume manufacturing with the right pace of investment and with our supply chain partners.” 

So far this year Canoo has raised $253 million in capital but its also burning through cash fast with a net loss of $112 million in the third quarter. 

Canoo’s total order book has passed $3 billion with more than $750 million worth of committed orders.  Committed orders from companies such as Walmart add up to more than 18 thousand EVs. 

Aquila is bullish about enough money coming in to make it through the ramp up stage. “Into, you know, we’ll get our first set of incentives in the first of the year and you know when you’ve got great POs [purchase orders] from grade A credit and triple B credit, you know our spread very bankable to get advances on. However, we want to focus on this phase.”

Based on the number of committed orders, Canoo indicated it already has enough business to make it to break even stage if it can keep raising enough capital in the interim.  

“Yeah. We start to really come to profitability, you know, to kind of break even around 14 to 16,000 units depending on the manual processes and the automation we’ve implemented.” said Aquila.

At the time this story was written Canoo stock had jumped 5.5% following the third quarter call in Wednesday morning trading. 

For individual customers hoping to buy one of Canoo’s EV vans they’ve still got quite a wait since the company has made it clear its priority will over the next year or two will be fleet customers. 

“Not only are our fleet customers contracted multiyear volume buyers with bankable credit profiles and are those who demand minimalism with maximum functionality and safety, these partners can help you fast forward generations of continuous. improvement, which will ultimately benefit our consumer customers, when we increase and expand our delivery to these additional markets,” said Aquila.

Editorial disclosure: The author of this post is a Canoo stockholder.

The post Q3 Call: Canoo Reaches Revenue, Manufacturing Phase  appeared first on EV Rider.

EV startup Canoo has built its first made in Oklahoma EVs which will are being delivered to the state of Oklahoma.

The milestone marks the start of Canoo’s phased-ramp manufacturing in Oklahoma and its shipment of Lifestyle Delivery Vehicle (LDV) models to key customers and partners in 2023 with volume production expected in 2024.

Canoo Updates: Bulldog Pickup; Visits To Google, Zero Motorcycles

“We are proud to be part of this historic moment as Canoo builds momentum on its road to full-scale production,” said Governor Kevin Stitt. “This marks Oklahoma’s return to vehicle manufacturing and proves ‘The Sooner State’ is the right place to grow cutting-edge businesses and create new jobs.”  

Canoo is hiring for its Oklahoma City and Pryor facilities in the state and expects to create more than 1,300 jobs. The LDVs are the first commercial motor vehicles built in Oklahoma since 2006 and will go to the Office of Management and Enterprise Services (OMES).  

Related: More Canoo coverage

“It’s an honor to partner with the state of Oklahoma and its workforce to create a legacy for electric vehicles in America’s Heartland,” said Tony Aquila, Chairman and CEO of Canoo. “What is inspiring to me is that it takes just a small group of innovators and hardworking believers who find a way to win. I want to thank Governor Stitt and his team for believing in us. We want our vehicles to provide service to Oklahomans who have been our partners on this journey.”  

Built on a multi-purpose platform, Canoo said the vehicles are configurable to help commercial and government fleet customers improve efficiency and cut operating costs.  

“We are excited to add Canoo vehicles to the state’s pooled fleet as part of a broader initiative to improve efficiency, cut waste and improve stewardship of taxpayer dollars,” said OMES Executive Director John Suter. “We look forward to evaluating these new assets and the role they can play in modernizing Oklahoma’s vehicle use.”  

The announcement comes shortly before Canoo’s Third Quarter Earnings Call, which is scheduled for 5 p.m. EST, November 14.

Editorial disclosure: The author of this post is a Canoo stockholder.

The post Canoo Assembles Its 1st Made In Oklahoma EVs appeared first on EV Rider.

EV startup Canoo has released a new video for Veterans Day of its American Bulldog electric pickup truck, which is the same model it delivered to the Department of Defense as part of an evaluation contract.

The American Bulldog video comes just days before Canoo’s November 14 3rd Quarter earnings call where investors will be watching for updates on when the EV startup’s Oklahoma factory will start rolling vehicles off the line. 

Canoo’s CEO said in the 2nd quarter call up to 30 vehicles might be assembled by year’s end if everything stays on schedule, with a run rate capability of up to 20,000 vehicles expected in 2023. 

Related: More Canoo coverage

Friday’s video did not mention whether the American Bulldog would be going into production or whether it has any signed fleet orders for the Bulldog. 

Canoo said during its 2nd quarter call that it’s reached a deal with another Fortune 100 company.  A name wasn’t announced but since then a Canoo has been spotted at the Google campus, raising speculation about whether that might be the company Canoo was referring to. 

Canoo also recently showed off its Lifestyle EV van in front of the Santa Cruz, CA headquarters of Zero Motorcycles, which makes a wide range of electric motorcycles. 

Related: Zero Motorcycles Unveils 2024 Models; Black Forest Returns

Editorial disclosure: The author of this post is a Canoo stockholder.

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