While Oklahoma City’s EV startup manufacturer Canoo reported it had cut its losses from 2022 to 2023, its operations have raised some questions—such as the use of CEO Tony Aquila’s private jet.
While Canoo generated only $886,000 in revenue last year compared to zero dollars the previous year, it still managed production of 22 vehicles including some for NASA and the state of Oklahoma.
However, the publication Tech Crunch reported it found a “nugget” inside Canoo’s 2023 earnings report—the “nugget” being expenses the company had to fly CEO Aquila around in his private jet. Canoo reimburses Aquila Family Ventures, owned by CEO Aquila for the use of his aircraf and for office space in Justin, Texas. Last year, it paid $1.7 million to reimburse him for the flights he took on the plane, up from the $1.3 millon in 2022 but down from the $1.8 million paid in 2021.
The same kind of spending on the private jet also caught the attention of Bengzinga.com and its article was headlined “Troubled EV Startup CEO’s Private Jet Expenses Swallow Twice the Company’s Revenue.”
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