SEC Files Lawsuit Against Former Canoo CEO and Apple Car Executive Ulrich Kranz

According to Bloomberg, an SEC action has been filed against Ulrich Kranz, who formerly served as the CEO of the electric car startup Canoo and was a key executive on the Apple Car team. Kranz is suspected by the United States Securities and Exchange Commission of having given Canoo unreasonable revenue estimates and having lied about the amount of money he was paid.

Background on Ulrich Kranz

Ulrich Kranz was hired by Apple in 2021 to work on the development of the Apple Car. Kranz is known for establishing the autonomous vehicle technology business Canoo; before that, he worked at BMW for thirty years. Canoo is still in business and may be most well-known for the peculiar appearance of its “Lifestyle Vehicle,” which has not yet been made available to the general public.

Since Kranz departed, Canoo has needed help maintaining its financial stability. However, the company successfully delivered three electric vans to NASA last month. The following year, these vans will be utilized for the Artemis moon missions. Ahead of the launch, the vehicles will convey astronauts, flight crew, and equipment to the launch pad.

Current Situation and Potential Impact

The last time Kranz interacted with Canoo was in early 2021. However, the SEC intends to bar him from serving as an officer at a public company, which may affect his future career path at Apple.