Electric vehicle company Canoo Inc on Tuesday warned investors it might not be able to meet its financial obligations, saying it was trying to raise more money but added it had 'substantial doubt' about its going concern.
A Canoo Lifestyle Vehicle is displayed during the 2021 LA Auto Show in Los Angeles, California, U.S. November, 17, 2021. REUTERS/Mike Blakeon Tuesday warned investors it might not be able to meet its financial obligations, saying it was trying to raise more money but added it had "substantial doubt" about its going concern.
Canoo's cash crunch highlights the difficulty EV startups face scaling up costly vehicle production in the face of competition ranging from Tesla IncRegister now for FREE unlimited access to Reuters.comCanoo said it had around $105 million in cash left as of the end of March, less than the $120 million it burned in operating expenses during the first three months of the year. Capital expenses during the first quarter came in at $28.
Aquila said Canoo had more than $600 million in accessible capital to fund the start of vehicle production and "significant experience raising capital in challenging markets."
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