In fact, the situation is so bad, on Friday, the company announced it’s voluntarily filed for relief under Chapter 7 in the Bankruptcy Court of Delaware. According to a media release shared by the company,

EV startups are dying left and right, with Canoo the latest to file for bankruptcy after struggling to stay afloat in harsh economic conditions

Canoo was founded in 2017 by two former Faraday Future executives, changing its name from Evelozcity in 2019. That same year, it unveiled its so-called lifestyle vehicle prototype model. It made no revenue in 2022 and almost none in 2023. Development costs kept piling up, with more than $1 billion in loans.

Electric vehicle startup Canoo declares Chapter 7 bankruptcy. The company is ceasing operations and will liquidate its assets.

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will "cease operations immediately." The company is liquidating its assets in a

Canoo Inc. has filed for voluntary relief under Chapter 7 of the U.S. Bankruptcy Code. This petition was submitted to the U.S. Bankruptcy Court for Delaware, which will appoint a Bankruptcy Trustee to oversee the liquidation of the company's assets and the distribution of funds to creditors.

Canoo Inc. has filed for Chapter 7 bankruptcy, marking the end of its operations. The filing was made with the U.S. Bankruptcy Court for Delaware, leading to th

The company had been in talks for the same kind of loan from the Biden administration that Rivian was just awarded, only to be denied at the last moment.