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Canoo’s CEO’s Jet Expenses Doubled Last Year Compared to Revenue

Byeditor

Apr 4, 2024

At the CES technology trade show in Las Vegas in 2022, Canoo showcased a prototype of an electric vehicle. This comes as the company faces financial challenges, including spending $1.7 million on CEO Tony Aquila’s private jet bills – twice its 2023 revenue. Canoo has been struggling in an industry with slowing demand, losing $302 million last year.

Investors are paying close attention to Canoo’s spending, particularly on private jets, when the company is facing financial difficulties. The company paid $1.7 million for its CEO’s private jet travels last year, while reporting revenue of only $886,000. CEO Tony Aquila, who owns approximately 14% of the company, was reimbursed for his business expenses, including air travel expenses.

Canoo, founded in 2017, manufactures a variety of vehicles, including passenger vehicles, delivery vans for Walmart, and crew transport vehicles for NASA. The company recently reported an annual loss of $302 million, as it struggles to increase production and manage cash flow. After a wave of executive departures in 2022, the company’s stock fell 26% following the release of its earnings report.

Canoo’s situation is not unique when it comes to scrutiny of spending on private jets. In the past, companies like WeWork and General Electric have faced criticism for using private jets excessively for top executives. Canoo’s spending on private jets is just one aspect of the challenges the company is currently facing in a competitive and demanding industry.

By editor

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