Friday, April 19, 2024

The car brand used the entire turnover on the boss's private jet

Canoo, who himself says that the business is in danger, spent twice the turnover on the boss's private plane last year.

The American car brand Canoo is in deep crisis.

In any case, the brand, founded in 2017, is burning through its money faster than the company can earn it. And it's the boss's fault.

Thus, both the annual accounts for 2023 and the latest quarterly accounts show that Canoo has spent the entire revenue on transporting CEO Tony Aquila around in private planes.

This is written by the media TechCrunch .

READ ALSO: 17-year-old must not drive a car after moped ride of 68 metres

Specifically, Canoo has paid Aquila Family Ventures, also owned by Tony Aquila, 1.7 million dollars to rent a private plane for the director.

This does not just correspond to 11.7 million Danish kroner. This is the same as Canoo's entire turnover. So times two.

In 2022, Canoo also paid to charter private jets from the managing director to the managing director. It lobbed up to $1.3 million, while Canoo in 2021 spent $1.3 million on the same.

All of this must be compared with a company that delivered just 22 cars last year. The customers were/are NASA and the US state of Oklahoma.

Canoo's accounts are not pleasant reading either. Right now it says in the accounts that the company is a 'going concern'. Which describes a situation of economic instability, which the company expects to get through.

If that is the case, history does not report anything. According to TechCrunch, Canoo has not yet wanted to deal with the boss's use of private jets.

Read more exciting news from and about the world of cars right here!

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