Canoo leaders hopeful despite continued quarterly losses without a manufactured product


Despite posting losses in the second quarter of 2023 and to date never posting a profitbable quarter, executive leadership of electric vehicle maker Canoo remains optimistic about keeping promises to eventually manufacture products in Oklahoma.

During a Monday afternoon conference call, Canoo Chairman and Chief Executive Officer Tony Aquila indicated a major relief was a $1.5 million settlement with the Securities and Exchange Commission.

“Now that the gloves are off,” he said after reporting the company’s losses continued but were also trimmed from previous quarters. The second quarter loss was $70.87 million or 14 cents a share, compared with a loss of $164.4 million and 68 cents a share for the same quarter a year earlier.

Aquila said operations at the Oklahoma City plant are close to production and he still promised production of 20,000 units a year, saying things are on track. He revealed that Canoo’s order book for vehicles is valued at more than $3 billion and the waiting customers include Walmart.

“We will only build what we have sold,” Aquila said.

Still, some financial observers say it is a major concern that Canoo has yet to produce new vehicles.

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