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Canoo, The Most Embarrassing EV Startup Failure
Canoo, The Most Embarrassing EV Startup Failure
Canoo, founded in 2017 by Stefan Krause and Ulrich Kranz, is an EV (electric vehicle) startup that aimed to begin entering the EV market with commercial clients, including Walmart, USPS, NASA, and others. Canoo EVs are all built upon the same skateboard base design, that allows Canoo to potentially save money on research and development. Canoo initially had talks with Nissan to create some sort of partnership, however those talks fell through. In 2021, Canoo went public via a SPAC, or special purpose acquisition company, and their stock reached all the way to the $460s. That year, Ulrich Kranza stepped down from his CEO position and was replaced by Tony Aquila, the head of Aquila Family Ventures. In 2023, it was reported that Canoo reimbursed Aquila Family Ventures $1.7 million for flights on Tony's private jet. Canoo's 2023 revenue was just $886,000, meaning that Canoo spent double the amount of money they made on private jet flights for their CEO. Additionally in 2023, Canoo delivered just 22 vehicles. Looking forward to 2024, Canoo project revenue of $50-100 million, althought it's unclear how they will achieve this. Additionally, in Quarter 1 of 2024, Canoo reported a loss of over $110 million, compared to analysts' expected loss of around $55 million. Let's dive into Canoo and where the company stands today, as well as the future of the EV startup.
All materials in these videos are used for educational purposes and fall within the guidelines of fair use. No copyright infringement intended. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please comment below (I read all comments) and we can sort anything out!
Canoo, founded in 2017 by Stefan Krause and Ulrich Kranz, is an EV (electric vehicle) startup that aimed to begin entering the EV market with commercial clients, including Walmart, USPS, NASA, and others. Canoo EVs are all built upon the same skateboard base design, that allows Canoo to potentially save money on research and development. Canoo initially had talks with Nissan to create some sort of partnership, however those talks fell through. In 2021, Canoo went public via a SPAC, or special purpose acquisition company, and their stock reached all the way to the $460s. That year, Ulrich Kranza stepped down from his CEO position and was replaced by Tony Aquila, the head of Aquila Family Ventures. In 2023, it was reported that Canoo reimbursed Aquila Family Ventures $1.7 million for flights on Tony's private jet. Canoo's 2023 revenue was just $886,000, meaning that Canoo spent double the amount of money they made on private jet flights for their CEO. Additionally in 2023, Canoo delivered just 22 vehicles. Looking forward to 2024, Canoo project revenue of $50-100 million, althought it's unclear how they will achieve this. Additionally, in Quarter 1 of 2024, Canoo reported a loss of over $110 million, compared to analysts' expected loss of around $55 million. Let's dive into Canoo and where the company stands today, as well as the future of the EV startup.
All materials in these videos are used for educational purposes and fall within the guidelines of fair use. No copyright infringement intended. If you are or represent the copyright owner of materials used in this video and have a problem with the use of said material, please comment below (I read all comments) and we can sort anything out!
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Sounds like a robot talking
I did not even know about the existence of this company, I am from Saudi Arabia , and al jazeera paints are nobodys over here .. there are atleast 1000 other companies in saudi that are far more important than aljazeera paints, having canoo declare this partnership with such company makes them really desperate for any collaboration to boost the stock price. Great video as usual !
In the early years, Amazon was losing millions or billions of dollars just like Lucid is now and look at Amazon now lucid to the moon.🚀🚀🚀🚀
lie. You repeat the same thing as everyone else.
Lucid is spending heavily on r&d, tooling and infrastructure, it was never going to be profitable just yet. Gravity SUV coming out later this year.
Fisker tried twice, and twice their timing was not good.
Just because SA invested in Lucid does not mean that the company survives. There are car manufactureres with luxury class vehicles in their portfolio (Mercedes, Rolls Royce, Porsche, Jaguar, Lotus, Lamborghini, Maserati, BMW, Audi, maybe in the future Cadillac, etc) which are well established. If e.g. Cadillac would offer an electric car then it is likely that some people switch from Tesla to that. And in Europe there are enough established manufactureres with the same price levels and known quality.
Nice video keep it up.
Thank you I appreciate it!
it's very sad Fisker will or might not be here any longer, even though the Ocean has many many features missing, the styling looks great and lastly, Fisker missed that opportunity to make the Ocean feel more premium and competitive
Do you think there is still a chance to relist?
No.
It already went bankrupt
Not yet
Not yet
Remember when Tesla went through the same situation Be Patient
@CorridosXmusic that's not anywhere near the same thing. Fisker have officially gone out of business. It turns out that it was a Ponzi scheme from the beginning. Do some research and quit using click bate statement.
Many think that Saudi Arabia is just throwing away 5-6+billion on Lucid because most especially in the U.S. only think about the here & now. This is a long term investment into their country/economy. It’s the only vehicle manufacturer in the country which is a huge deal and can export them to Europe/Asia. Let’s face it $6billion is a drop in the bucket. Elons compensation is almost 10X the amount the PIF has paid , just think about that. Not saying he shouldn’t get paid just making a $$$ comparison. Lucid is fine, what I’m worried about are the other upstarts that will need more money soon to stay solvent. Cheers!
Saudi Arabia need to invest in lithium mines in Canada that will help them become more diversified
Federal assistance, State emergency funds, and insurance on the bridge, combined with insurance from the ship owner, will cover the cost. I bet the replacement will have a toll, shifting much of the cost onto the public.
I don't know why people like to use words like "never" or "impossible". You figure humans would learn from things like the Titanic.
Nice click bait
BULLSHIT
All investment funds and venture capitalists also invest in projects that are going to fail and one day will abandon them. Just because a strong one supports Lucid now, doesn't mean they will do so forever.
you forget that the result of successful or failure can be answered when they produce mainstream market car in 2027
@@FS-eh4dj I'm not saying that Lucid will be a failure. I'm saying that it is wrong to assume something must become a success only because a strong investor is behind it. There is never a guuarantee for success.
@@FS-eh4djDo you really believe anything they say? Lucid = Nikola Motors, Mr Rowlinson= Mr Trevor, I have no faith in either
@@casperhansen826 Nikola hasnt achieve any innovation or advanced products ,,, Lucid is supervised by the Saudi investment fund they control most of the company voting power they can fire rowlinson but they dont because they are confident in the company they know the company they have insight unlike Nikola .
@@casperhansen826 compering Lucid a company with innovative advanced products ( supervised by PIF ) with Nikola doesn’t make sense .
Worst car on market
Seriously? Have you forgotten about the crapwagons Elon makes?
I'm from Saudi Arabia and I rarely see Lucid on the streets, but I believe PIF has bigger plans for Lucid, they are not just throwing billions into a losing company. very informative video, keep up the good work.
Thank you!
Every animation does not need a sound effect. Super distracting 😢
Noted ✅ ty
It is a long play for sure
FYI Dream is not 250k its the Sapphire
They need their investments to pay off, but that doesn’t mean they will. At some point you have to cut your losses.
Hope this company fails, they and carmax have totally fucked the used car market with their venture capital raising cost of living an insane amount for lower and middle class Americans who need vehicles to exist and work.
For a video titled about it's comeback, too much time is spent going over basic/irrelevant facts. Feels very dragged out and repetitive to artificially increase watch time. Couldn't finish
Impressive turn around, at least temporary turnaround! however, a new company will always have its early years of ups and downs, while they go through their trial and errors. in addition, it's a very cyclical business, which is an unfavourable sector to invest.
The early NTSB accident report, on this Baltimore bridge accident, is helpful and interesting over what lead to the container ship hitting the bridge and causing the bridge collapse too. It seems multiple circuit breakers, went off line for some reason, not once but twice within a few seconds or minutes of each other. Which cut power to engine pumps and rudder systems, which lead to the ship engine automatically shutting down too. So the bridge crew had no control over steering or propulsion too, so the container ship hit the bridge basically.
Yeah, Wendy, we have all seen the videos and analysis, basically
Bend over tax payers.
Great production and especially mic quality for such an extremely small channel! Good Luck bro
Thank you!! I appreciate it
Well edited, good luck
Thank you!
Good luck my guy, good vid.
Thank you!!
Channel will boom
Thank u bro I hope so!!
Surprised to be the first comment. Your editint is super good.
Hey I appreciate it! Thank you
how long until automaker figure out the normal people cant afford 80k car or trucks. it blows me away how out of touch they are. like who wants there auto payment to be more than there rent? the prices for cars is ridiculous. bring back the 20k new cars and they sell hanover fist. but unfortunately i bet the stealer ships will mark them up to 25-28k. just look at the ford maverick. msrp is 20k but you cant find one that's any less than 24k. cant hardly find a car without 100k miles on it under 17k
Our first Airbnb as guests was a disaster, so we never tried it again. There was something wrong in the bathroom that was unacceptable and impossible for the host to do anything about. We had to stay at a hotel instead for our stay. Airbnb customer support didn't live up to our expectations, when we finally had to pull the plugs on this contract. We ended up loosing much of our money
07:25 Users in billions???
Haha whoops good catch, yes should say millions
Basically ruined by greed like everything in the US.
We Airbnb one of the rooms in our house, so far all of the visitors have been people between houses that are struggling to find a new place to live. None have been people travelling and visiting. Our house is not on a lake or anything, so it may not attract vacationers, but It seems to me the only reason why Airbnb is doing well, is because there is a housing crises and people are being forced to Airbnb between houses. - Australia.
There are also other consequences of rnbnb in renting in general...it made renting prices explode for locals as landlords dicovered they could make more money turning their flats into rbnb instead of renting it to a local, the shrinkage of available long term rent caused invreases in renting fees for no added benefit for locals
Great video!
Thank you!
I remember when BnB’s came with chat with the owners and homemade breakfasts.
Sub number 37. You’re gonna blow up, man. Great vid!
#38!
Appreciate that a lot bro! I hope so haha
🤝🤝
Air bnb outside of the US in South East Asian countries like Thailand and Vietnam is actually well worth it as opposed to booking a Hotel.
In our area, you might as well stay in a hotel because it's almost the same rate. And unlike a hotel, I dont remember the rentee lecturing the renter (guest) about cleaning the bed sheets afterwards.
What happened is right!…may as well just pay for a hotel for what you get
Great videos man. Keep them coming.
Thank you!!
This is an excellent video mate, your channel will get traction in no time. keep up the good work.
Thank you man!
There is no disruption from Airbnb. Concept of Airbnb is no owning physical assets and being the middle man. Big hotel chains are exactly the same. They do not own most of the hotels but instead license their names and standardize the services.hotel chains have been Airbnb before Airbnb existed. None of the hotel chains are worried about Airbnb. A note about these “middle man” companies like Airbnb, Uber, DoorDash they are just middle man but they are taking a 30-40% from the market place. That’s just absurdly large. Someone has to pay the cost and it will be the customers. No wonder every such company just sucks. Imagine if the real estate agent took 30% cut from the home sales price. There won’t be any housing market left. They are ripping people off and people know so and are just not happy and feel stuck with sub par service apps.
You have....a very narrow understanding of Coinbase's revenue models....you need to do a lot more research, you didn't even touch on Base...which is just one of the MANY sources you missed.
Coinbase's fees are just way too high. Don't use them anymore!
What’s better?