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Canoo furloughs workers and idles factory as it scrapes for cash
Struggling EV startup Canoo has announced that it has been forced to furlough 82 employees and idle its factory in Oklahoma while the company attempts to raise emergency funding. This latest development comes just a few days after board member James Chen resigned, and roughly one month after the departure of both the company’s chief financial officer and head lawyer.
According to reports, Canoo is currently engaged in “advanced discussions with various capital sources” as it desperately seeks to secure the funds necessary to continue operating. The news arrives nearly a month following the departures of its CFO and general counsel, as well as roughly two months since all of its founders left the company.
Canoo’s latest round of layoffs brings the total number of job cuts made by the startup this year to over 200, with additional furloughs possible in the coming weeks.
Source: techcrunch.com
