Here is another example for why automotive startups are burning through cash at an alarming rate and are struggling to stay afloat. Many recent articles talk about lay-offs and reductions in jobs, while this article talks about a company that has hardly started production and has burnt through hundreds on millions so far, and their CEO is earning $67 million a year. This is absurd.
At FOUR|8 Commercial we believe in sound business model and responsible corporate governance that includes not taking advantage of the windfall of investment the company receives, but rather working to develop a strong and profitable business that will show a solid return on investment for those who take the risk with us.
“As the Founder and CEO of FOUR|8 Commercial Limited, I will be focusing all my efforts and our resources, on establishing a strong profit position as early as possible and this can only be achieved with responsible governance. Once we have this established, I will contribute the majority of my dividends to an Alliance to help this planet we live on, from the air, the earth, the oceans and the animals.” said Myke Penfold.