EV startup Canoo files for bankruptcy and ceases operations

Bankruptcy Filing and Immediate Cessation of Operations - Canoo, a seven-year-old electric vehicle startup, has filed for Chapter 7 bankruptcy and will cease operations immediately [1] - The company is liquidating its assets in the Delaware Bankruptcy Court [1] Financial Struggles and Funding Issues - Canoo had only $700,000 in the bank as of mid-November [3] - The company was unable to secure funding from the U S Department of Energy's Loan Program Office [2] - Discussions with foreign sources of capital were unsuccessful [2] Operational Challenges and Workforce Impact - Canoo furloughed the remainder of its workers and idled its factory in Oklahoma just weeks before the bankruptcy filing [3] - The company struggled throughout 2024 to deliver more than a few electric vans to prospective customers [3] - Numerous executive departures were reported [3]