… paid $1.7 million for CEO Tony Aquila’s private jet bills, twice its total revenue last year. According to its earnings report released this week, Canoo lost $302 million in 2023 – but it’s apparently been champagne and caviar for its top executive.
Canoo, which hasn’t turned a profit as a public company, brought in $886,000 last year in revenue, according to its full-year earnings report filed Monday. But, as TechCrunch first cited, Aquila’s hefty travel bill included “air travel expenses for either, at our option, first-class airfare or the business use of his private jet,” the company said in the filing.”
Related: HAHAHAHAHA
In related news:
“Montreal-based electric snowmobile manufacturer Taiga Motors says it is pausing production and temporarily laying off around 70 workers.
The company, which also makes electric watercraft, says its decision is in response to a challenging economy and an exceptionally mild winter.
Taiga released quarterly and annual results today but did not hold a conference call with investors, and a spokesperson said managers would not be available for interviews.
It says its net loss was $72.5 million in 2023, compared to a loss of $59.5 million in 2022.”
https://montreal.ctvnews.ca/quebec-electric-snowmobile-maker-taiga-suspends-production-lays-off-70-workers-1.6830956
electric golfcarts is one thing . electric snowmobile sounds like a death wish . ive been back of the Bugaboos , and it was an all day trip .
A “Challenging Economy”… uhuh.
More useless Junk being promoted and sold to the blithely stoopid & unwary.. Sorry but in a Snowmobile, ya need an engine that consumes Fossil fuels and THAT fact just might save ones life.
It sounds a whole lot like a scam to me Steakman.
I wonder how many millions of our tax dollars justine dumped into this financial black hole ?
Most people don’t trust ICE snowmobiles at -40 ffs.
Update – I just checked – $50 million in grants
I wonder what the kickbacks were to the liberal party and Twaddels trust fund?
Ford has decided to delay EV production in Ontario:
“Ford Motor Co. is delaying the start of electric vehicle production at its plant in Oakville, Ont., to 2027.
The U.S. automaker had planned to start production in 2025 at the Canadian plant which employs 2,700 workers.”
https://globalnews.ca/news/10402041/ford-delays-ev-production-plant-oakville-ontario/
Lightening Strikes eh…?
zero f’s given
Ford Lightening:
Got a buddy who was given one by his company for work use – Sales Guy.
In the cold snap earlier in Jan, he couldn’t travel anywhere…IN THE CITY for fear of dead batts….and charging at home at night in -35C Temps took near 2 days to get to a full charge only to be able to travel ~ 160km’s
He was significantly Un impressed.
I bet his company was equally unimpressed with his inability to see his customers. I would fire the guy who bought the truck.
Taking out coal, natural gas, and fossil fuels —-the production of electricity will become a scarcity! Like Alberta’s near brown outs!
How do you add the charging of electric vehicles?
Steakman indicated the problems with charging— especially in our climate!!
Stupidity knows no limits with the governments that push Anthropogenic climate change!!
Without fossil fuels you cannot build anything that will generate electricity, nothing.
Road tax! So much for all the savings on gas.
… And, that we are not in the consumer market, we are in the commercial market.”
Because the consumer market is completely tapped-out. The TRUE BELIEVERS have all bought their eco virtue signaling vehicles. The consumer market is dead. This failing ev company HAS to target government and “green” corporate buyers. That’s the only market segment run purely by ideology over practicality
I agree 100% KEnji – its dropped like a stone into a bottomless well.
That can be corroborated by the massive EV Sell off from the Rental Agencies. Why keep stock that No one wants to rent.
If Customers don’t want to Rent your JUNK, then ya dump it – and they did. We are seeing the same thing from Cities (typically all of which are filled with the Woke Climatards of our times), whereas they spent MILLIONS on electric Garbage, Fire Trucks & Buses.
Useless Dangerous JUNK as they all have been since inception.
Like Hertz? We know how well that worked.
I wonder who was the US Prez when NASA bought these golf carts?
It’s probably safe to say that “Former NASA Chief Technology Officer Deborah Diaz ” was involved, as she just joined the board of directors
Lost $300 million on $900 thousand revenue. That’s quite the accomplishment. The odds of survival depends solely on the patience of political friends as they likely have no business friends left.
Get ready for an electricity tax – applied to everyone – to compensate for the loss of a gasoline tax – which never seems to go into better roads and bridges. Cynical? Yes.
And the banks are still pulling in record profits while the rest of our economy tanks.
Our local Moose Jaw Ford dealer told me their EV Mustang only got 150 km on an overnight charge, less than half of the range touted in the specs. Not inspiring in a province where distances are vast and we have five months of winter and two months of poor sledding.
I feel like money laundering is now legal provided you have a good story.
And a private jet….
“New Jersey also offers a healthy $4,000 tax incentive that largely makes the tax a moot point. But, as InsideEVs pointed out, the state’s funds to support that incentive often run out before the end of the year, leaving many buyers high and dry.”
___________________________________________
Ok…let me see if I comprehend this scenario.
New Jersey: We’re going to tax you for using the road. That will top off at $290 annually ( *snicker*). We’ll never increase it again (*hehehehe*).
EV Driver: Well, I don’t know. That doesn’t seem right. I got an EV to have cheaper operating costs.
New Jersey: Oh, relax. We already give out tax subsidies to the tune of $4,000. We’re only talking a pittance here.
EV Driver: Oh, ok. That sounds good. OK, I’m on board.
New Jersey: Ummm, sometimes that tax subsidy bin is empty before the end of the year. So, well….don’t count on it.
“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”
So best case, they lose $80 million on revenue of $100 million, and worst case they lose $250 million on revenue of $50 million, assuming no capital expenditures… I’d like to know who is funding them, because there should be better options to set your money on fire