Electric car startup Canoo names new CEO, outlines push to make its own vehicles

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Electric car startup Canoo names new CEO, outlines push to make its own vehicles

Reuters2021-04-22

DETROIT (Reuters) - Canoo Inc on Thursday said Executive Chairman Tony Aquila will take over as chief executive, and the electric vehicle startup outlined a push to roll out its own vehicles.Aquila, a...

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MikaylaL
·2021-04-22
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The Los Angeles-based company is one of several EV startups that went public through SPACs whose shares have posted steep declines since their debuts.Following the release of Canoo's first-quarter results in late March, Roth Capital downgraded the stock to \"neutral\" from \"buy,\" saying the company's pivot in direction - including the decision to de-emphasize both its engineering services business and its plan to use more heavily a subscription model for drivers - raised confusion among investors.In February 2020, Canoo announced a deal to develop EVs with Hyundai Motor Co, but Aquila told Reuters the deal no longer exists.Aquila, Canoo's third largest shareholder, outlined the change in strategy during the March call, saying the de-emphasis of the contract engineering services business would accelerate the launch of Canoo's own vehicles and potentially improve the return on capital. 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