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EV Startup Canoo Files for Chapter 7 Bankruptcy, Ceases Operations
Jan 18, 2025, 03:38 AM
Electric vehicle startup Canoo, a seven-year-old company based in Justin, Texas, has filed for Chapter 7 bankruptcy and will cease operations immediately. The company is liquidating its assets in a proceeding at the Delaware Bankruptcy Court. Canoo's bankruptcy filing comes after unsuccessful discussions with foreign sources of capital and an inability to secure funding from the U.S. Department of Energy's Loan Program Office. The company had furloughed its remaining workers and idled its factory in Oklahoma just weeks before the filing. Canoo struggled throughout 2024 to deliver its electric vans to customers and faced numerous executive departures, with only $700,000 in the bank as of mid-November 2024. At the time of filing, Canoo had fewer than 49 creditors, with outstanding liabilities totaling between $10 million and $50 million, and claimed to have less than $50,000 in assets. This marks the second bankruptcy of a U.S. EV maker in about a year, following Fisker.
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