Canoo burns cash in race to hit $1B EV sales goal

Electric vehicle company Canoo’s second-quarter results, like its first-quarter results, show a pre-revenue company that’s burning through cash. However, last quarter, Canoo was warning it might not have enough cash to stay in business. Three months later, the EV startup-gone-SPAC is touting access to enough capital to see it through the rest of 2022.
“We are preparing for [standard operating procedure] readiness,” said Ramesh Murthy, chief accounting officer at Canoo, during Monday’s earnings call. “We have customers. We have access to capital. We have a st

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