The company, founded in 2017, announcedfirst quarter resultsyesterday, and there are some alarming details.
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On the one hand, things were looking bright.
NASA selected Canoo to provide Crew Transportation Vehicles (CTVs) for crewed Artemis lunar exploration launches last month.
But looking beneath the cool product pics reveals a more concerning story.
Thats a colossal loss in anyones maths.
Its not looking good.
Worse, its not the companys only challenge.
As Ive asserted before,senior execs move around.
The company merged with SPAC company Hennessy Capital Acquisition Corp. for fundraising in December 2020.
In May last year, Canoo wasinvestigated by the US Securities and Exchange Commission(SEC).
Short swing profits mean an investing company wrongfully benefits from share sales.
The company attempted to appease investors this week.
It claims it still has more than $600 million in accessible capital to support start of production.
Canoo claims it has received more than17,500 pre-orderswith a projected value of $750 million.
Can Canoos vision become a reality?
I have my doubts, and Im not the only one.
So I have to wonder, is the EV market becoming too crowded?
Im also honestly curious.
Are people still buying vans in a place like the US with its pickup trucks and SUVs?
The pickup truck may prove to be more successful.
Further, can Canoo really undercut the prices of its competitors as it asserts?
The company should be worried in light of the industrys current supply chain andchip shortages.
Bet they wish theyd kept that partnership with Hyundai.
I just hope it becomes a reality.
Story byCate Lawrence
Cate Lawrence is an Australian tech journo living in Berlin.
