Another electric vehicle maker is finding itself in financial dire straights. Texas-based Canoo, which was originally founded in California, has filed for liquidation bankruptcy under Chapter 7 of the U.S. Bankruptcy Code. In its recent announcement, the company said it was ceasing operations immediately.
The bankruptcy filing comes roughly four years after Canoo went public in December 2020. In a statement, Canoo says despite successfully delivering to NASA, the Department of Defense (“DOD”), The United States Postal Service (“USPS”), and the State of Oklahoma and having agreements with Walmart and others, it’s “unfortunately been unable to secure financial support from the U.S. Department of Energy’s (DOE) Loan…
