Canoo's 2024 Revenue Forecast Disappoints: Challenges Mount Amid EV Slowdown

Canoo's 2024 Revenue Forecast Disappoints: Challenges Mount Amid EV Slowdown

Electric vehicle manufacturer Canoo disappointed analysts on Monday by forecasting 2024 revenue well below expectations, as the broader slowdown in demand for battery-powered cars continues to impact both startups and major automakers. Shares in Canoo plummeted 38% in after-hours trading, marking the eighth consecutive quarter of warnings about dwindling capital and the company's ability to sustain operations without additional funding. The EV industry's struggles persist as high-interest rates aimed at curbing inflation dampen consumer interest in electric vehicles, which typically come with higher price tags compared to their gas-powered counterparts. This has led automakers, including market leader Tesla, to slash prices in a bid to stimulate demand. Based in Texas, Canoo, known for supplying electric delivery vans to Walmart and crew transportation vehicles to NASA, first raised concerns about its financial viability in 2022. Since then, the company has been actively seeking …

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