A view shows a Canoo LDV electric vehicle in a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. REUTERS/Rebecca Cook/File Photoposted a smaller-than-expected quarterly loss on Monday on lower research and development costs, sending its shares up 2% in extended trading.
Canoo's loss narrowed to $70.9 million in the second quarter from $164.4 million a year earlier. On an adjusted basis, the company lost 14 cents per share, compared with estimates of a loss of 19 cents, according to Refinitiv data. Having gone public with hopes of shaking up the automobile industry, EV startups have seen their market valuations evaporate in the past few months as demand slows and funding dries up in an uncertain economy.
Source: Digital Coin News (digitalcoinnews.net)
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