hyundai

hyundai

Canoo's fortunes took a sharp turn this week after a shake up in their C-suite with their chief financial officer abruptly leaving and a partnership with Hyundai Motor Group falling apart.

On Tuesday, the Torrance-based automaker's shares plummeted as much as 25%, erasing the gains it made after its latest product was revealed earlier this month.

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Los Angeles residents could be receiving their Postmates order or prescription drugs from CVS via drone as soon as 2023, under a new initiative introduced Wednesday by the city's Mayor Eric Garcetti.

"Los Angeles is where we turn today's ideas into tomorrow's reality — a place where a barrier-breaking concept like urban air mobility can truly get off the ground," Garcetti said in a statement. "The Urban Air Mobility Partnership will make our city a force for cleaner skies, safer transportation, expanded prosperity, and stunning innovation and provide a template for how other local governments can take this new technology to even greater heights."

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One of the world's largest carmakers, Hyundai Motor Group, tapped Torrance-based startup Canoo to design the powertrain that will be used for their electric vehicles.

Terms of the deal were undisclosed but a similar one struck earlier this year between the Korean automaker and UK-based Arrival catapulted the startup to unicorn status. Arrival said it's now valued at 3 billion euros.

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