EV startup Canoo (GOEV) released its fourth-quarter earnings Thursday as it enters a critical phase of development. After resolving the SEC investigation and agreeing to pay $1.5 million, Canoo says it has new opportunities to access funding.
Canoo resolves SEC dispute with $1.5M settlement
Since its foundation in Canoo 2017, the EV maker has had its fair share of highs and lows.
After going public in 2020, along with a slew of other electric vehicle startups (and SPACs in general), Canoo became one of the talked about stocks with significant growth potential in the EV segment.
However, the hype soon dissipated. In April 2021, the SEC opened an investigation into the company’s merger with special acquisition purpose company (SPAC), Hennessy Capital Acquisition Corp (HCAC), to go public.
The scrutiny was part of a broader investigation that included several popular EV stocks such us Nikola (NKLA), Lordstown Motors (RIDE), and Faraday Future (FFIE).
The SEC informed the company that it believed, under its investigation, that certain former senior executives misled investors in late 2020 and early 2021 regarding revenue projections.
In March 2021, new leadership revised the projections to zero after eliminating engineering services as a potential revenue stream.
After a long-awaited battle, Canoo revealed during Thursday’s Q4 earnings release it had reached the conclusion of the SEC investigation, agreeing to pay a $1.5 million settlement.
With the investigation and other “legacy matters” behind it, Canoo says it’s ready to enter the next phase of its EV rollout.
Canoo electric pickup (Source: Canoo)
Canoo Q4 highlights and business updates
Besides the SEC investigation, Canoo had several exciting developments in the quarter, including delivering its Light Tactical Vehicle (LTV) electric vehicle to the US Army.
Canoo still didn’t generate revenue in the quarter, ending Q4 with a net loss of $80.2 million for a loss of $487.7 million on the year.
The EV maker ended the quarter with cash and equivalents of $36.6 million. According to Canoo’s CFO Ken Magnet, the company is “exploring a number of diversified funding sources.” Magnet added now that the SEC investigation is concluded, the company can file for things like the Department of Energy’s loan program and “things of that nature.”
Canoo struggled to stay afloat last year, expressing significant doubt it would be able to continue operations after posting a net loss of over $125 million in the first quarter and another $164 million loss in Q2.
Looking ahead, Canoo expects operating expenses to be between $55 million to $70 million with CAPEX between $30 million to $45 million in the first quarter of 2023 as it enters the next stage of development.
As CEO Tony Aquila describes the next phase will be “more focused on milestones versus event-based or just-in-time” that will “lower the cost, make more efficicent use of capital and allow us to focus on long term success.”
Canoo says it will benefit from the IRA bill with domestic production. The company began phase 1 SOPin Mivchigan and kicked off phase 2 SOP at OKC, which includes an EV battery module manufacturing plant in Oklahoma.
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Tesla has quietly expanded its new MultiPass feature to more regions across Europe, allowing owners to charge at third-party stations directly through their Tesla account — no separate app, card, or registration required.
The feature, which first launched in the Netherlands earlier this year, is now rolling out to additional countries, including Germany and France, according to Tesla’s own support page. The update builds on Tesla’s push to make charging as frictionless as possible — not just at Superchargers, but across an entire network of compatible public chargers.
What is Tesla MultiPass?
Tesla describes MultiPass as a “seamless charging option” that lets drivers find and charge at third-party charging stations using their existing Tesla Account. By partnering with a network aggregator, Tesla now connects to over 1,000 charging networks and thousands of stations across Europe.
In practice, MultiPass aims to make the charging experience at third-party stations as close to a Tesla Supercharger as possible — you can simply tap your Tesla key card or select the stall in your Tesla app at a supported charger, and the cost of the session is automatically billed to your Tesla account. The same payment method used for Supercharging applies, and sessions appear right in your Tesla app’s charging history, unified with your Supercharger activity.
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Tesla’s goal is to reduce the number of sign-ups and third-party accounts you need to charge outside of Tesla’s own network. MultiPass turns the Tesla key card into a universal charging credential.
Tesla owners simply need to activate MultiPass through the Tesla app:
Open the Tesla app and check “Messages” for the MultiPass invitation
Tap Learn More → Next
Follow on-screen steps to activate your key card via NFC
Once activated, you can start charging sessions in two ways:
Tap your key card directly on the supported third-party charger
Or, start the session in the Tesla app, selecting the stall remotely
Your session appears instantly in the app, complete with cost and time details, just like any Tesla Supercharger session.
Electrek’s Take
Tesla already operates the world’s most reliable and extensive DC fast-charging network. Supercharger is probably the best thing Tesla has ever done.
But outside of the Supercharger footprint, especially in Europe’s dense urban areas, third-party chargers fill critical gaps.
MultiPass eliminates one of the last friction points for Tesla drivers to use these third-party charging stations.
It looks like after a short testing phase in the Netherlands, Tesla is now ready to expand access throughout Europe.
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Tesla’s EV registrations in the UK, its biggest market in Europe, took a dramatic hit in October 2025 — just 511 units — marking one of the brand’s weakest showings in recent memory. That’s a steep drop from 971 in October 2024 and 2,677 in October 2023. The tone of the market is shifting.
Maybe Tesla’s CEO stoking a civil war in England isn’t helping the automaker’s demand in the important market.
Tesla’s sales have been struggling in Europe over the past two years, and the decline has been accelerating in 2025.
While some believed that things were stabilizing for the American automaker in Europe, the October data tells a different story. Tesla had its worst month of deliveries of the year in 12 of its 15 biggest European markets.
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As Tesla sales in Germany crashed over the last year, partly because Tesla CEO Elon Musk supported the far-right AfD party, the UK became Tesla’s biggest market in Europe.
But now it looks like the UK is going in the same direction.
According to registration data, Tesla delivered only 511 vehicles in the UK in October 2025. Tesla has over 50 stores in the country – that’s an average of roughly 10 vehicles per location for the whole month.
It’s the worst monthly performance since October 2022.
Much as Tesla’s demand crashed in Germany, Elon Musk’s politics might be behind the lower demand in the UK.
The CEO regularly comments on UK politics and often shares inflammatory reports about crimes perpetrated by immigrants. He also shares misleading crime and immigration statistics aimed at spreading hatred.
After he tweeted that “Civil war is inevitable. Just a question of when.”, he was accused of stoking a civil war in the country.
Musk’s public commentary on UK topics has sparked backlash and resulted in his “unfavorability rating” reaching 80% in the country.
Electrek’s Take
Meanwhile, Tesla’s demand cliff is opening the door to competitors. BYD is now expected to outsell Tesla in the whole year of 2025 in the UK despite Tesla having a presence in the market for much longer.
Not many industry watchers thought it would happen this fast.
Tesla appears to be completely missing out on the surge of EV sales in Europe due to a mix of having a stagnant EV lineup, brand problems brought on by a controversial CEO, and increased competition.
Rondo Energy and energy producer EDP are installing a massive 100 MWh renewable-powered heat battery at HEINEKEN’s brewery in Lisbon, Portugal. The project will deliver round-the-clock renewable steam and reduce emissions without altering the facility’s beer brewing process.
Photo: Rondo
Brewing HEINEKEN with zero-carbon steam
The Rondo Heat Battery (RHB) will be the biggest deployed in the beverage industry worldwide. It can store electricity as high-temperature heat using refractory bricks, then convert that heat into 24/7 steam, all without burning fossil fuels.
At HEINEKEN’s Central de Cervejas e Bebidas Brewery and Malting Plant, the heat battery system will supply 7 MW of steam, powered by renewable electricity from onsite solar and the grid. That steam is identical to steam created by gas-fired boilers, but without the carbon pollution.
EDP is providing the renewable electricity and will deliver the steam directly to HEINEKEN via a Heat-as-a-Service model. Rondo is supplying the battery, and HEINEKEN gets to ditch fossil fuels without retooling its brewing process.
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Why this matters
This project is a big win for industrial decarbonization. High-temperature steam is one of the most complex parts of manufacturing to electrify, and the beer industry runs on it. HEINEKEN’s Lisbon site already uses solar panels for electricity and electric heat pumps for hot water, and this move helps it go even further.
It’s part of HEINEKEN’s “Brew a Better World” plan to hit net zero emissions by 2040 and decarbonize all of its global production sites by 2030.
Additionally, the deployment aligns with Portugal’s national target of reducing greenhouse gas emissions by 55% by 2030.
The bigger picture
With the European Investment Bank and Breakthrough Energy Catalyst backing this and other Rondo projects with €75 million in funding, this Lisbon installation is just the beginning. Rondo’s technology enables energy-hungry industries to switch from fossil fuels to renewable electricity without compromising 24/7 operations.
Rondo CEO Eric Trusiewicz sums it up: “We are thrilled to be installing our first Rondo Heat Battery in Iberia, and to support HEINEKEN to reach its goals. We look forward to helping industries across Iberia cut costs and carbon, and help Iberia capitalize on the opportunity.”
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