Canoo

Enterprise, Robotics & AI, Startups

Canoo Exposes Executive Jet Expense, AT&T Accidentally Leaks Sensitive Data, and X Unveils Controversial NSFW Strategy

Heya, folks, welcome to Week in Review (WiR), TechCrunch’s newsletter recapping the noteworthy happenings in tech over the past several days (and change). Famed startup accelerator Y Combinator had its Demo Days, and the venture desk took it all in with an appropriately skeptical eye. Also this week, Microsoft and Quantinuum, a quantum computing startup, made a scientific breakthrough — or so they claim. NewsCanoo paid for its CEO’s jet: Kirsten reports that EV startup Canoo paid the rent for the CEO’s private jet — $1.7 million— in 2023. Bonus roundNSFW on X: The social media company has confirmed that authorized users on the platform can create NSFW communities, ahead of a change that’ll see all NSFW content on X filtered by default.

Zara Khan
April 6, 2024

Enterprise

CEO’s Private Jet Takes Up Double Canoo’s 2023 Annual Revenue

And it did reduce its loss from operations by nearly half, from $506 million in 2022 to $267 million in 2023. Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO, for use of an aircraft. In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft. This could be chalked up to small monetary potatoes if Canoo reaches its revenue forecast for 2024 of $50 million to $100 million.

Kira Kim
April 1, 2024

Robotics & AI, Startups, Transportation

AI Giants Experiencing Major Upheavals: A Weekly Recap of Startup News

Welcome to Startups Weekly — your weekly recap of everything you can’t miss from the world of startups. For the low, low price of being a Robinhood Gold member (because who doesn’t want to pay $5 a month for the privilege of spending more money? Robinhood unveiled its Gold Card, a credit card so packed with features it might just make Apple Card users pause for a hot second. For the low, low price of being a Robinhood Gold member (because who doesn’t want to pay $5 a month for the privilege of spending more money? Trend of the week: Transportation troubleThe New York Stock Exchange has given EV startup Fisker the boot, citing its “abnormally low” stock prices.

Dylan Williams
March 29, 2024
1 Comment

Enterprise, Startups, Transportation

Canoo Acquires Assets from Struggling EV Startup Arrival after Bankruptcy

Bankrupt commercial EV startup Arrival has sold some of its assets, including advanced manufacturing equipment to Canoo, another struggling startup trying to build and sell electric vehicles. Canoo said the purchased assets, packed into more than 20 container ships, will be sent to the company’s facility in Oklahoma. The company previously acquired all of the new, and “like-new” assets owned by Arrival’s business unit in the United States. Arrival announced in January that it planned to sell off assets and IP from its U.K. division after filing for bankruptcy protection in the U.K. Arrival never produced any commercial vehicles at scale and its market valuation is now around $7.7 million.

Kira Kim
March 25, 2024

Startups

Canoo Reaches Agreement with SEC Over $1.5M Settlement

EV company Canoo agrees to $1.5M settlement with SEC

Canoo’s settlement signals the SEC’s increasing concern with electric vehicle startups, as they grapple with regulatory uncertainties and costly technological challenges. Despite this, Canoo appears to be thriving in the…