Earlier quoted context omitted.
Not a good thing.
Says the temporarily embarrassed millionaire
Permanently embarrassed if we're being realistic.
Canoo spent double its annual revenue on the CEO's private jet
251–260 of 270 posts
Re: Canoo spent double its annual revenue on the CEO's private jet
#252> Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO (Tony Aquila), for use of an aircraft. In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft. I'm surprised there are any employees left at the company.…
>If I saw that the CEO is actively funneling funds out of the company...
He's not. He's funneling funds into the company. He's basically a billionaire investor who owned the jet before bailing out Canoo.
Re: Canoo spent double its annual revenue on the CEO's private jet
#253Earlier quoted context omitted.
How is it there ? Are earthquake and food (and mosquitoes in the bushes) as bad as the rumours say ? (serious question about the first 2)
Earthquakes - so far so good, but I grew up in LA and lived through multiple large-ish quakes (Northridge). One big difference is that many small rural towns only have one road in or out, so a quake could block the road, leaving you stranded, possibly without power. This is the case along the west coast of the South Island. Food - groceries are pricey! It was surprisingly expensive given the lower wages here. CA seem…
Thank you!
Re: Canoo spent double its annual revenue on the CEO's private jet
#254Earlier quoted context omitted.
How is it there ? Are earthquake and food (and mosquitoes in the bushes) as bad as the rumours say ? (serious question about the first 2)
Earthquake risk is similar to California, with very low (but not zero) risk in many places, e.g. Auckland. The food is generally excellent in urban areas - cafe culture rules for those who can afford it. Main issue is cost of living - housing and food costs are kind of silly relative to average income. Mosquitos are really not an issue - people up north might have a different experience, but from Auckland on down, no…
Thank you for sharing your experience! Big fan of Kiwis and so curious about the country. I really loved to hear first-hand experience.
Re: Canoo spent double its annual revenue on the CEO's private jet
#255Loss to revenue ratio of 350 to 1 Well, shoot. I thought the truck looked really cool.
They recently got a big order which is probably not reflected in those numbers.
9,300-vehicle binding order to Kingbee https://cleantechnica.com/2024/01/20/canoo-delivers-first-of...
Re: Canoo spent double its annual revenue on the CEO's private jet
#256Earlier quoted context omitted.
I suspect, starting from the ground up is part of why people are so interested in these companies. The ICE car market is a massive market, which taking a part of required massive long term investment, and would result in you being relegated to just some minor side note. Even Toyota one of the longest biggest players is still seen as kinda "new" compared to BMW and VW, let alone hyundai which is basically a massive st…
I'm not even sure an EV car is the answer for "Green". I remember a Joe Rogan ep where he and his guest talk about the giant holes and bad mining condition in Africa because of the current EV rash to get materials for car battery. EV cars seem to be the go-between for ICE and the real answer for Green.
You need to separate the concept of EVs from the current state of battery technology. EVs are almost certainly the future, and as our battery and charging technology keeps improving the whole package will become greener and greener.
Re: Canoo spent double its annual revenue on the CEO's private jet
#257If the reimbursements were solely for corporate travel, it might not be a concern. The CEO here sold his previous company for $6.5 billion [1], so he already owned the jet before starting Canoo. The company reimburses him for corporate travel on it. What's concerning is that Canoo is stacking big losses and living on the edge...it seems like excessive spending for a company that hasn't even made a dime of profit. But…
I think the real issue here is that a CEO who nobody has heard of and is doing a bad job running the company claims that he needs to fly private as a business expense. It's one think for Zuck or Tim Cook to claim that flying commercial would be dangerous and a waste of time, but the way that attitude has filtered down to very small companies is astounding (especially given the outsized negative impact private jet tra…
There's quite an interesting youtube interview / chat with him out recently
'Canoo Tony Aquila Fireside' Chat https://youtu.be/AlTG8S0F_fo
It sounds like he's actually doing quite a good job as CEO. The vid from minute 3 to 7 gives much of his strategy and how he got into it.
He was a billionaire investor with a background in car parts and servicing that looked at 12 or so EV companies to invest in and figured Canoo was the one and then the board asked him to be CEO.
I guess if you are a struggling EV company looking for some billionaire to save you you may have to put up with him using a jet.
Re: Canoo spent double its annual revenue on the CEO's private jet
#258> Under a deal reached in November 2020, Canoo reimburses Aquila Family Ventures, an entity owned by the CEO (Tony Aquila), for use of an aircraft. In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft. I'm surprised there are any employees left at the company.…
>If I saw that the CEO is actively funneling funds out of the company... He's not. He's funneling funds into the company. He's basically a billionaire investor who owned the jet before bailing out Canoo.
In what way is he funneling money into the company?
> The company generated $886,000 in revenue in 2023 compared to zero dollars in 2022 [...] In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.
Re: Canoo spent double its annual revenue on the CEO's private jet
#259Earlier quoted context omitted.
>If I saw that the CEO is actively funneling funds out of the company... He's not. He's funneling funds into the company. He's basically a billionaire investor who owned the jet before bailing out Canoo.
In what way is he funneling money into the company? > The company generated $886,000 in revenue in 2023 compared to zero dollars in 2022 [...] In 2023, Canoo spent $1.7 million on this reimbursement — that’s double the amount of revenue it generated. Canoo paid Aquila Family Ventures $1.3 million in 2022 and $1.8 million in 2021 for use of the aircraft.
>Tony Aquila purchased 9 million shares of Canoo (GOEV) as part of a common stock subscription agreement.
https://finviz.com/insidertrading.ashx?oc=1399053&tc=7 shows him putting in $236m or so
Re: Canoo spent double its annual revenue on the CEO's private jet
#260Earlier quoted context omitted.
Not a good thing.
Says the temporarily embarrassed millionaire
This slogan is boring.
The politicians play us with "eat the rich" and "fair share". Meanwhile they increase taxes on 400k in HCOL areas making it painful to succeed.
Why isn't the slogan "stop the loopholes" (The one in this thread)? Because politicians play us against each other instead of fixing laws they benefit from.