JUSTIN, Texas — Electric vehicle maker Canoo Inc. of Justin, Texas, on Monday announced a $70.9 million net loss, an improvement over the loss it reported in the same quarter last year. The company also announced a new variant of its electric delivery vehicle.
The company reported a $70.9 million net loss, or 14 cents per share, an improvement from the $164.4 million net loss, or 68 cents per share, it reported last year. It also posted quarterly adjusted earnings before interest, taxes, depreciation and amortization of -$62.3 million compared to -$149.8 million in the same quarter last year.
During the quarter, the company cut research and development costs by 66%, to $38.6 million.
To read more on Canoo, our content partner Arkansas Business has the full article here.
Watch 5NEWS on YouTube.
Download the 5NEWS app on your smartphone:
Stream 5NEWS 24/7 on the 5+ app: How to watch the 5+ app on your streaming device
To report a typo or grammatical error, please email KFSMDigitalTeam@tegna.com and detail which story you're referring to.