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EV startup Canoo files for bankruptcy and ceases operations


//business-finance.news-articles.net/content/202 .. -files-for-bankruptcy-and-ceases-operations.html
Published in Business and Finance on Saturday, January 18th 2025 at 23:40 GMT by TechCrunch   Print publication without navigation

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

Electric vehicle startup Canoo has filed for Chapter 11 bankruptcy and announced the cessation of its operations, as reported by TechCrunch on January 17, 2025. The company, which aimed to revolutionize urban mobility with its innovative electric vehicles, faced insurmountable financial challenges, including dwindling cash reserves and failure to secure additional funding. Canoo's bankruptcy filing comes after months of speculation about its financial health, with the company struggling to meet production targets and facing significant delays in its vehicle delivery schedules. The filing lists assets and liabilities in the range of $100 million to $500 million. This development marks a significant setback for the EV industry, particularly for startups trying to compete with established automotive giants. Canoo's leadership expressed regret over the outcome but highlighted the inherent risks and challenges of pioneering new technology in a highly competitive market.

Read the Full TechCrunch Article at:
[ https://techcrunch.com/2025/01/17/ev-startup-canoo-files-for-bankruptcy-and-ceases-operations/ ]

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