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EV startup Canoo files for bankruptcy, to cease operations

By Reuters17 Jan 2025Reuters1 Mins read50
A view shows the Canoo logo on a Canoo LV (Lifestyle Vehicle) electric vehicle outside a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. REUTERS/Rebecca Cook/File Photo
A view shows the Canoo logo on a Canoo LV. The EV startup has been facing rapid cash burn. (Lifestyle Vehicle) electric vehicle outside a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. REUTERS/Rebecca Cook/File Photo

(Reuters) – Canoo said on Friday it would file for Chapter 7 bankruptcy and cease operations, effective immediately.

The EV startup has been dealing with rapid cash burn and has struggled to raise additional funding amid uncertain demand for its microbus-inspired cargo vans.

(Reporting by Akash Sriram and Gursimran Kaur in Bengaluru; Editing by Krishna Chandra Eluri)

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