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EV Startup Canoo Files for Bankruptcy, Ceases Operations
Canoo, a seven-year-old electric vehicle (EV) startup, has filed for bankruptcy and will cease all operations immediately. The company is proceeding with a Chapter 7 liquidation of its assets in the Delaware Bankruptcy Court.
In a press release published late Friday, Canoo cited an inability to secure funding from the U.S. Department of Energy’s Loan Program Office as one of the primary reasons behind its bankruptcy filing. The company also mentioned that it was “in discussions with foreign sources of capital” that ultimately proved unsuccessful.
The news comes just a few weeks after Canoo furloughed the remainder of its workforce and idled its factory in Oklahoma. Throughout 2024, the startup struggled to deliver more than a handful of its electric vans to prospective customers, suffering numerous executive departures in the process. As of mid-November, the company had only $700,000 in cash reserves.
Canoo’s bankruptcy filing marks yet another setback for the EV industry, which has seen a string of failed startups and project delays in recent years.
Source: techcrunch.com
