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.
