News
Canoo responds to report of ‘disappointing’ 2024 revenue forecast
Canoo has responded to media reports following its Q4 and 2023 financial results released this week, after one outlet said the commercial electric vehicle (EV) manufacturer’s 2024 revenue forecast “disappointed.”
In a press release shared on Monday, Canoo reported its Q4 and full-year 2023 financials, in which it reported a GAAP net loss and comprehensive loss of $29 million for Q4 and $302.6 million for the full year. These figures were down from the GAAP net loss and comprehensive loss of $80.2 million and $487.7 million in the same periods in 2022.
In addition, Canoo forecasts between $50 million and $100 million in 2024 revenue, which Reuters reported to be below analyst expectations of $152.5 million, as detailed in data from LSEG. The report also connected the results to a larger slowdown in the “consumer” electric vehicle (EV) market, adding that Canoo had “warned for the eighth straight quarter about its dwindling capital and ability to continue as a going concern without additional funding.”
Following the news, Canoo’s shares dropped by as much as 38 percent during extended trading hours.
Canoo responded to the report in a LinkedIn post on Tuesday, saying that it was also “more than a little disappointed” that the company hadn’t been asked to comment on the matter. The automaker also pointed out that Reuters had incorrectly labeled it as being in the “consumer” market, though it has only worked with commercial customers so far and has generally been targeting that market.
“Had Reuters called Canoo for comment we would have told them that we raised $324 million in 2022, and $288 million in 2023 and we are currently in discussions with several entities and individuals about investing in the company this year,” Canoo wrote in the post. “We would have also told them that we have begun manufacturing, expect to step up our manufacturing effort this year, and have a backlog of orders. And, that we are not in the consumer market, we are in the commercial market.”
In addition, the EV maker highlighted the fact that the company’s executives firmly believe in the company’s future, adding that CEO Tony Aquila has personally contributed to the automaker.
“Canoo executives, including its CEO, have every confidence in the company. In fact, since mid-2020 and through 2023, Mr. Aquila has invested more than $350 million in the company’s stock.”
The automaker just began initial deliveries of its latest Oklahoma-produced commercial Lifestyle Delivery Vehicles (LDVs) in December, delivering a total of 17 vehicles in Q4 and an additional 5 that were produced in Texas earlier in the year. The initial deliveries went out to a few offices in the state of Oklahoma, as well as companies Kingbee and Zeeba. Earlier in the year, Canoo made deliveries to the U.S. Army and to NASA, though its Oklahoma production facility wasn’t yet running.
“We will continue to make progress towards accessing additional forms of debt and other non-dilutive forms of capital as we move into 2024,” said Canoo CFO Greg Ethridge in a call following the earnings report. “Let’s be very clear. We’ll only raise the capital that we need.”
You can see Canoo’s full Q4 and 2023 financial results report here.
What are your thoughts? Let me know at zach@teslarati.com, find me on X at @zacharyvisconti, or send us tips at tips@teslarati.com.
News
Ford is charging for a basic EV feature on the Mustang Mach-E
When ordering a new Ford Mustang Mach-E, you’ll now be hit with an additional fee for one basic EV feature: the frunk.
Ford is charging an additional fee for a basic EV feature on its Mustang Mach-E, its most popular electric vehicle offering.
Ford has shuttered its initial Model e program, but is venturing into a more controlled and refined effort, and it is abandoning the F-150 Lightning in favor of a new pickup that is currently under design, but appears to have some favorable features.
However, ordering a new Mustang Mach-E now comes with an additional fee for one basic EV feature: the frunk.
The frunk is the front trunk, and due to the lack of a large engine in the front of an electric vehicle, OEMs are able to offer additional storage space under the hood. There’s one problem, though, and that is that companies appear to be recognizing that they can remove it for free while offering the function for a fee.
Ford is now charging $495 on the Mustang Mach-E frunk (front trunk). What are your thoughts on that? pic.twitter.com/EOzZe3z9ZQ
— Alan of TesCalendar 📆⚡️ (@TesCalendar1) February 24, 2026
Ford is charging $495 for the frunk.
Interestingly, the frunk size varies by vehicle, but the Mustang Mach-E features a 4.7 to 4.8 cubic-foot-sized frunk, which measures approximately 9 inches deep, 26 inches wide, and 14 inches high.
When the vehicle was first released, Ford marketed the frunk as the ultimate tailgating feature, showing it off as a perfect place to store and serve cold shrimp cocktail.
Ford Mach-E frunk is perfect for chowders and chicken wings, and we’re not even joking
It appears the decision to charge for what is a simple advantage of an EV is not going over well, as even Ford loyal customers say the frunk is a “basic expectation” of an EV. Without it, it seems as if fans feel the company is nickel-and-diming its customers.
It will be pretty interesting to see the Mach-E without a frunk, and while it should not be enough to turn people away from potentially buying the vehicle, it seems the decision to add an additional charge to include one will definitely annoy some customers.
News
Tesla to improve one of its best features, coding shows
According to the update, Tesla will work on improving the headlights when coming into contact with highly reflective objects, including road signs, traffic signs, and street lights. Additionally, pixel-level dimming will happen in two stages, whereas it currently performs with just one, meaning on or off.
Tesla is looking to upgrade its Matrix Headlights, a unique and high-tech feature that is available on several of its vehicles. The headlights aim to maximize visibility for Tesla drivers while being considerate of oncoming traffic.
The Matrix Headlights Tesla offers utilize dimming of individual light pixels to ensure that visibility stays high for those behind the wheel, while also being considerate of other cars by decreasing the brightness in areas where other cars are traveling.
Here’s what they look like in action:
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- Credit: u/ObjectiveScratch | Reddit
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- Credit: u/ObjectiveScratch | Reddit
As you can see, the Matrix headlight system intentionally dims the area where oncoming cars would be impacted by high beams. This keeps visibility at a maximum for everyone on the road, including those who could be hit with bright lights in their eyes.
There are still a handful of complaints from owners, however, but Tesla appears to be looking to resolve these with the coming updates in a Software Version that is currently labeled 2026.2.xxx. The coding was spotted by X user BERKANT:
🚨 Tesla is quietly upgrading Matrix headlights.
Software https://t.co/pXEklQiXSq reveals a hidden feature:
matrix_two_stage_reflection_dip
This is a major step beyond current adaptive high beams.
What it means:
• The car detects highly reflective objects
Road signs,… pic.twitter.com/m5UpQJFA2n— BERKANT (@Tesla_NL_TR) February 24, 2026
According to the update, Tesla will work on improving the headlights when coming into contact with highly reflective objects, including road signs, traffic signs, and street lights. Additionally, pixel-level dimming will happen in two stages, whereas it currently performs with just one, meaning on or off.
Finally, the new system will prevent the high beams from glaring back at the driver. The system is made to dim when it recognizes oncoming cars, but not necessarily objects that could produce glaring issues back at the driver.
Tesla’s revolutionary Matrix headlights are coming to the U.S.
This upgrade is software-focused, so there will not need to be any physical changes or upgrades made to Tesla vehicles that utilize the Matrix headlights currently.
Elon Musk
xAI’s Grok approved for Pentagon classified systems: report
Under the agreement, Grok can be deployed in systems handling classified intelligence analysis, weapons development, and battlefield operations.
Elon Musk’s xAI has signed an agreement with the United States Department of Defense (DoD) to allow Grok to be used in classified military systems.
Previously, Anthropic’s Claude had been the only AI system approved for the most sensitive military work, but a dispute over usage safeguards has reportedly prompted the Pentagon to broaden its options, as noted in a report from Axios.
Under the agreement, Grok can be deployed in systems handling classified intelligence analysis, weapons development, and battlefield operations.
The publication reported that xAI agreed to the Pentagon’s requirement that its technology be usable for “all lawful purposes,” a standard Anthropic has reportedly resisted due to alleged ethical restrictions tied to mass surveillance and autonomous weapons use.
Defense Secretary Pete Hegseth is scheduled to meet with Anthropic CEO Dario Amodei in what sources expect to be a tense meeting, with the publication hinting that the Pentagon could designate Anthropic a “supply chain risk” if the company does not lift its safeguards.
Axios stated that replacing Claude fully might be technically challenging even if xAI or other alternative AI systems take its place. That being said, other AI systems are already in use by the DoD.
Grok already operates in the Pentagon’s unclassified systems alongside Google’s Gemini and OpenAI’s ChatGPT. Google is reportedly close to an agreement that will result in Gemini being used for classified use, while OpenAI’s progress toward classified deployment is described as slower but still feasible.
The publication noted that the Pentagon continues talks with several AI companies as it prepares for potential changes in classified AI sourcing.
Ford is charging for a basic EV feature on the Mustang Mach-E
Tesla to improve one of its best features, coding shows
