EV startup Canoo files for bankruptcy and ceases operations

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will “immediately cease operations.” The company is liquidating its assets in a Chapter 7 proceeding in Delaware Bankruptcy Court.

The company said in a press release announced late Friday that it was “in discussions with foreign sources of capital” that have not been successful, and also highlighted the inability to secure financing from the Department of Energy’s Office of the Loan Program the United States, which has been in a production of loans in the waning days of the Biden administration.

The bankruptcy filing comes just a few weeks after Canoo fired the rest of his workers and idled his factory in Oklahoma. The company struggled throughout 2024 to get more than a few of its electric vans into the hands of potential customers, and it suffered. numerous executive departures. Is it had only $700,000 in the bank as of mid-November.

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