Some might argue the entire point of the electric vehicle industry is to make the world a better place by cutting carbon emissions and fighting climate change. That’s what makes it so hilarious that the EV startup Canoo seems to have spent twice what it generated in revenue last year on the CEO’s private jet. Canoo’s recent full-year earnings report for 2023, released this week, shows that the company spent $1.
Meanwhile, the company only brought in $886,000 in revenue during the same year. Doing a quick bit of mental arithmetic, it would appear that, yes, the company did, indeed, spend more on its executive’s air travel expenses than it did selling electric vehicles. This news is both funny and sad, although it’s not unusual for companies to operate in the red for years and years. It took Uber until last year to turn a profit.