CEO of EV Startup Canoo Steps Down

Stefan Krause, the co-founder and CEO of Los Angeles-based electric vehicle startup Canoo Inc., is stepping down from day-to-day operations for unspecified personal reasons.

Chief technology officer and co-founder Ulrich Kranz will assume Krause’s duties. Krause (pictured) will continue to serve as an advisor and help the 2-year-old company raise additional funds.

Krause, Kranz and Richard Kim formed Canoo (originally named Evelozcity) in late 2017 after leaving Faraday Future Inc. The trio, all of whom previously worked for BMW, had clashed with Faraday founder Jian Yueting in efforts to jumpstart the struggling EV startup.

Canoo aims to launch its first model in 2021 and several others in subsequent years. All vehicles will be marketed on a subscription-only basis.

The company has quadrupled its staff to 400 since early 2018. Recent hires include several former executives from Uber and Lyft. Former Opel executive Karl-Thomas Neumann resigned from Canoo’s board last month.

Canoo, which has raised more than $1 billion, is targeting another $200 million in its next funding round.