Canoo chairman Tony Aquila shared the news Monday during an icy investor call — Canoo’s first as a publicly-traded company. Canoo’s CEO was also absent from the call, and the company announced earlier in the day that its CFO had resigned to take another job — the second major departure in recent weeks following Canoo losing its head of corporate strategy.

“These are significant surprises on the call today, and that’s not ideal,” Roth Capital analyst Craig Irwin said at one point on the call.

The deal with Hyundai was announced in February 2020, and it was supposed to result in both the Hyundai and Kia brands building vehicles on Canoo’s electric vehicle platform.
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