EV startup Canoo files for bankruptcy and ceases operations

Seven-year-old electric car startup Canoo has filed for bankruptcy and will be “Cease operation immediately.” The company is divesting its assets in a Chapter 7 proceeding in Delaware bankruptcy court.

The company is a Press release It disclosed late Friday that it was in “negotiations with foreign sources of capital” that proved unsuccessful, and also identified an inability to secure funding from the US Department of Energy’s Loan Program Office, which tends to lend on waning days. The Biden administration.

The bankruptcy filing comes just weeks after Canoo Rest of its employees have been furloughed and closed its factory in Oklahoma. The company struggled and suffered throughout 2024 to get some of its electric vans into the hands of potential customers Many executive exits. it is was Only $700,000 in the bank as of mid-November.

This story is developing…