Canoo Inc. (NASDAQ: GOEV), the electric vehicle (EV) startup that has faced mounting challenges since its inception, is now confronting one of its most significant crises yet.
Following employee furloughs, a halt in production, and the auctioning off of critical manufacturing equipment, the company is struggling to stay afloat.
These financial difficulties have severely impacted Canoo’s stock price, which has plummeted, further adding to the uncertainty surrounding the company’s future.
The Latest Challenges: Employee Furloughs and Production Halt
In late December 2024, Canoo made the difficult decision to furlough 82 employees and pause production at its manufacturing facility in Oklahoma.
The company cited the need to conserve…
