Ulrich Kranz, the former CEO of electric car company Canoo and a key executive on the Apple Car team, is facing an SEC lawsuit, reports Bloomberg. The U.S. Securities and Exchange Commission believes that Kranz provided unreasonable revenue projections for Canoo and also misstated how much he was paid.
Apple hired Ulrich Kranz back in 2021 for its Apple Car project. Kranz is known for founding self-driving car startup Canoo, and prior to that, he spent 30 years at BMW. Canoo is still around and may be most recognizable for its odd-looking “Lifestyle Vehicle,” which has not yet been produced for the public.
Canoo has been struggling to stay afloat since Kranz left the company, but last month successfully delivered three electric vans to NASA, which will be used for the Artemis moon missions next year. The vehicles will transport astronauts, flight crew, and equipment to the launch pad ahead of the launch.
Kranz has not been involved with Canoo since early 2021, but the SEC is aiming to prevent him from serving as an officer at a public company going forward, which could potentially impact his future career trajectory at Apple.
Popular Stories
Apple Releases Second Public Betas of iOS 17 and iPadOS 17, Revised Developer Beta
Apple today seeded the second betas of iOS 17 and iPadOS 17 to public beta testers, allowing non-developers to test the software ahead of its launch. The second beta comes a little over two weeks after the first beta. The second public beta features the same content that’s in the fourth developer beta released last week, although Apple has also seeded a revised version of that developer beta…
Apple Watch Ultra 2 Again Rumored to Be Available in Black Titanium
The second-generation Apple Watch Ultra will be available with a black titanium case, according to a previously-accurate leaker known as ShrimpApplePro. The new Ultra will also remain available in its existing “Natural” titanium finish, the leaker said. Mockup of a black Apple Watch Ultra via ShrimpApplePro Bloomberg’s Mark Gurman recently said Apple tested a darker titanium finish for the…
iPhone 15 Demand Predicted to Be Lower Than iPhone 14: Are You Planning to Upgrade?
Apple analyst Ming-Chi Kuo today predicted that demand for the iPhone 15 series will be lower than that of the iPhone 14 series this year. Kuo said the lower demand could make it challenging for Apple suppliers to grow revenue in the second half of 2023. The upcoming iPhone lineup should consist of the iPhone 15, iPhone 15 Plus, iPhone 15 Pro, and iPhone 15 Pro Max. All four models are…
iPad Mini 7 Could Be Coming Later This Year
The seventh-generation iPad mini appears to be in the works at Apple, according to the leaker known as “ShrimpApplePro.” In a thread of tweets that included details about the Apple Watch Series 9 and second-generation Apple Watch Ultra, the leaker said that they have seen evidence that at least one new iPad model is coming, likely the seventh-generation iPad mini. Earlier this year, Bloomb…
iPhone 15 Pro Rumor Recap: 12 New Features and Changes Expected
Apple is expected to unveil the iPhone 15 lineup in September. As usual, many new features have been rumored for the Pro and Pro Max models, including a USB-C port, A17 Bionic chip, titanium frame, Action button, and more. Below, we have recapped 12 new features and changes rumored for the iPhone 15 Pro models. A17 Bionic chip: iPhone 15 Pro models are expected to be equipped with Apple’s …
Kuo: New AirTag Likely to Enter Mass Production in Late 2024
Apple suppliers will likely begin mass production of a second-generation AirTag in the fourth quarter of 2024, according to new information shared by Apple analyst Ming-Chi Kuo. The current AirTag launched in April 2021 and is priced at $29. Kuo believes the new AirTag will have better integration with Apple’s upcoming Vision Pro headset, as part of a spatial computing ecosystem, but he did…
Samsung Begins Mass Producing OLED Displays for iPhone 15
Apple’s main OLED supplier Samsung has received mass production approval for the displays for all four models in Apple’s iPhone 15 series, which are expected to be released in September. Korean-language based The Elec reports that Samsung Display was granted approval on August 1, ahead of rivals LG Display and BOE. LG Display, which is supplying OLED panels for both iPhone 15 Pro models, has …