EV Startup Spends More Than It Makes on CEO's Jet

Canoo, like many other electric vehicle startups, is struggling to survive. And as is often the case in the early days of a company, expenditures exceed revenue. But one cost in particular stood out in Canoo’s latest earnings report.

TechCrunch spotted an item near the bottom of a 10-K the company recently filed with the SEC and it details just how much Canoo is reimbursing CEO Tony Aquila for the use of his personal aircraft. The company said it helps cover certain costs and third-party payments, excluding certain incidental fees and expenses, and that it resulted in Canoo incurring approximately $1.7 million last year and $1.3 million in 2022.