Written by Cláudio Afonso | [email protected] | LinkedIn | X
Lifestyle Delivery Vehicle (LDV) startup Canoo unveiled its Q4 2023 earnings report on Monday afternoon, disclosing a net loss of $29.0 million for the quarter and a cumulative loss of $302.6 million for the year. As of the time of writing, the company’s stock is trading at $2.94 per share, representing a 24.03% decrease from the previous day’s closing price of $3.87.
In the final quarter of 2023, Canoo initiated its first commercial fleet customer deliveries from its Oklahoma City factory. During Q4 2023, the company manufactured 17 vehicles, contributing to a total of 22 units produced throughout the year. Looking ahead to 2024, Canoo expects annual revenue in the range of $50 million to $100 million, a wide range that stands below the analyst consensus of $152.52 million.
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Canoo‘s Executive Chairman and CEO Tony Aquila reiterated the company’s commitment to prepare its manufacturing facility for a 20,000 unit run-rate production target. “Our strategy to purchase manufacturing assets at deep discounts creates immediate shareholder value. We recently announced our OKC facility has received FTZ designation. With positive customer validation, we are now focused on harmonizing our supply chain to align with our step level manufacturing goals while maintaining disciplined capital allocation,” Aquila added.
In late January, Canoo fulfilled its agreement with Zeeba by delivering the initial units. This delivery marked the commencement of a pre-existing contract with Zeeba, encompassing a total of 5,450 electric vehicles. As per the terms, Canoo committed to supplying 3,000 Lifestyle Delivery Vehicle (LDV) EVs for integration into Zeeba’s expansive national fleet.
Written by Cláudio Afonso | [email protected] | LinkedIn | X
