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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.
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After launching in Austin, Texas, last week, Tesla is looking to expand the Cybercab to new parts of the United States in an effort that will see the driverless, steering wheel-less, and pedal-less vehicle chauffeur people around as part of the Robotaxi ride-hailing service.
However, the expansion will go far beyond the United States, and CEO Elon Musk revealed he hopes Europe will be the next market where Cybercab will be operational.
Musk has publicly expressed hope that Tesla’s Cybercab robotaxi will reach Europe in the near future.
On September 8, Tesla’s Chief Executive quoted a German rider who had just completed a trip in Austin, Texas, and wrote that he hoped the vehicle would not take years to arrive in Germany. Musk replied with a short but notable message: “Hopefully soon in Europe too.”
Hopefully soon in Europe too https://t.co/vqQ69bLJuN
— Elon Musk (@elonmusk) September 8, 2026
The comment arrived only days after Tesla opened Cybercab ride-hailing to the public in Austin. The two-seat vehicle has no steering wheel or pedals and relies entirely on Tesla’s Full Self-Driving software. Early passengers have described the rides as quiet, smooth, and more stylish than competing robotaxis such as Waymo.
Austin is currently the only city where members of the public can hail a Cybercab through Tesla’s Robotaxi app. The initial fleet is small; Texas registration records show only a few dozen of the purpose-built vehicles on the road.
Tesla set to open Cybercab rides to the public, with no steering wheel or pedals
Tesla has also been operating a larger number of conventional Model Y robotaxis in the same area, but the Cybercab itself represents the company’s first dedicated, controls-free taxi design.
Europe presents a different regulatory picture. The European Union does not permit manufacturers to self-certify vehicles the way Tesla did in the United States.
Type-approval rules and a small-series limit of 1,500 automated vehicles per type per year apply across the bloc.
Supervised Full Self-Driving has gained provisional approval in several member states through national recognition of Dutch certification, yet unsupervised robotaxi operation remains a separate and more distant step. Tesla has not announced a European launch city, date, or approval pathway for the Cybercab.
Musk himself has previously cautioned that the company does not control European regulators. In an earnings call earlier in 2026, he noted that even supervised FSD took an “immense amount of time” to clear and that unsupervised service would be “somewhat at the mercy of the governments in Europe and the EU.”
The latest social-media remark therefore functions more as an expression of intent than a timetable.
If the Cybercab eventually reaches European streets, it would mark a significant expansion of Tesla’s robotaxi ambitions beyond the United States. For now, the vehicle remains an Austin-only experience, and the gap between Musk’s hope and actual deployment will be decided by regulators rather than by engineering alone.
Tesla Cybercab might have just rolled out to the public as it entered the company’s Robotaxi suite in Austin this past week. However, the vehicle might already be on its way to becoming even better, as the company is asking riders to describe what they’d like to see improved with the Cybercab.
Tesla sent a rider experience survey to Cybercab passengers only days after paid rides began in Austin. The questionnaire asks how satisfied riders were with the overall trip. Then it requests star ratings for availability and wait time, door functionality, vehicle touchscreen, mobile app experience, seat comfort, interior space, ride comfort, cleanliness, and cargo space.
A later section asks which features riders would most like to have and allows selection of up to three items from a list that includes heated seats, ventilated seats, fully reclining seats, a tray table, a wireless phone charger, a better sound system, and more storage. Respondents may also choose none of these or write in another idea. The survey closes with a recommendation score from zero to ten.
Tesla just sent out a Cybercab rider experience survey so you can give feedback to the team. pic.twitter.com/YsU5OYdAjW
— Sawyer Merritt (@SawyerMerritt) September 8, 2026
This rapid request for input illustrates Tesla’s habit of treating early users as collaborators rather than mere customers. The company has long refined vehicles through software updates and hardware changes informed by real-world use across its passenger cars.
Collecting structured opinions so soon after commercial service started shows the same mindset applied to a purpose-built autonomous taxi. The questions themselves reveal an openness to cabin changes even after the first vehicles reached public streets, which is no surprise.
Tesla has always hoped to cater a great experience to anyone in its vehicles, which is why so many fan-requested features have made it into its vehicles.
Replies already circulating online favor reclining seats, tray tables, wireless charging, improved audio, and extra room when seats fold back.
Tesla Cybercabs narrowly miss deadly Amazon cargo plane crash
Those preferences point toward comfort upgrades that Tesla can implement in later production batches or through cabin revisions. Because the Cybercab is designed around software first principles, many requested amenities can arrive faster than in traditional automakers.
Tesla’s willingness to survey riders immediately after launch therefore makes near-term cabin and experience improvements likely as the team reviews responses and iterates toward a more refined robotaxi people will choose daily.
Tesla Cybertruck Lead Engineer Wes Morrill revealed the company has made several changes to the all-electric pickup, which he calls a “living thing, constantly evolving and improving.”
Cybertruck is manufactured at Tesla’s Gigafactory Texas just outside of Austin, and over the past few years, Tesla has continued to make small changes to the pickup to improve everything from cost, reliability, serviceablility, and manufacturability.
“The finish line isn’t getting to production. A product is a living thing, constantly evolving and improving,” Morrill added.
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Some of those changes are yet to be revealed, but perhaps the most notable one was the change Tesla made to the aero shield that sits underneath the truck. In the past, it was aluminum, but now the Cybertruck is using a self-reinforcing polypropylene.
Morrill said that the polypropylene is “stretched into fibers and then laminated into the form,” and is much more durable, much lighter, and significantly cheaper than aluminum when it is manufactured this way.
It also enabled some improvements in the geometry of the Cybertruck, improving the manufacturing around the bolts and edges, in addition to minor form changes. These all benefitted the Cybertruck in more ways than one: specifically with durability and improved drag.
I was surprised by how interested people were to find out we made a relatively benign change to the Cybertruck aero shield, a part of the car most people never even see. So I’ll share some more details.
Here are two photos, the left is one of the latest trucks off the… pic.twitter.com/F5cZo2CZKf
— Wes (@wmorrill3) September 7, 2026
Typically, Teslas are not necessarily identified by model year because these changes are fluid and occur when the company sees fit to implement them. It is not like other automotive companies, which usually make sweeping manufacturing changes when building a new model year.
Instead, Teslas are recognized by their “generation” or “era.” For example, those with a newer Model Y might refer to their car as a “Juniper.” This is the same with Model 3, as many refer to the new body style as the “Highland.”
Tesla’s manufacturing changes are proof of the company’s constant need to improve its products and move things forward with its vehicles. There is no need to drag one’s feet and wait until next year if the product can be made better right now, and that’s precisely what Tesla did with the Cybertruck.
Elon Musk hints at Tesla Cybercab’s next market
Tesla Cybercab improvements are already on the minds of company engineers
