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EV startup Canoo files for bankruptcy
and ceases operations

Original Article

Posted By: OhioNick, 1/23/2025 4:01:16 AM

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will "cease operations immediately." The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court. [SNIP] Canoo is the latest EV startup to go bankrupt after merging with a special purpose acquisition company (SPAC) as a shortcut to going public. Electric Last Mile Solutions was the first in June 2022. But since then, Fisker, Lordstown Motors, Proterra, Lion Electric, and Arrival all filed for different levels of bankruptcy protection in their various home countries.

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Reply 1 - Posted by: sunset 1/23/2025 4:25:35 AM (No. 1879710)
Got to wonder if the bankrupt EV maker Rivian will get that $6.5 billion that Biden announced last month. I'm presuming the deal was cancelled along with the EV mandate.
8 people like this.

Reply 2 - Posted by: GreatGreyhounds 1/23/2025 4:49:18 AM (No. 1879713)
When the hog trough is running dry, the hogs tend to leave...
17 people like this.

Reply 3 - Posted by: Jesuslover54 1/23/2025 6:26:18 AM (No. 1879747)
Besides, they were far behind the curve. Don't even look at the incredible cars they are building in China.
1 person likes this.

Reply 4 - Posted by: Sorosisbehindit 1/23/2025 7:43:56 AM (No. 1879796)
They already got their payday from the swamp.
5 people like this.

Reply 5 - Posted by: WhamDBambam 1/23/2025 7:49:09 AM (No. 1879806)
With current technology, it was never going to work without massive sudsidies.
4 people like this.

Reply 6 - Posted by: thefield 1/23/2025 8:11:48 AM (No. 1879823)
Cal's EV mandate is already in shambles.
2 people like this.

Reply 7 - Posted by: JHHolliday 1/23/2025 9:08:17 AM (No. 1879852)
Some of you will remember the old dog food joke about why the company's new dog food isn't selling.
1 person likes this.

Reply 8 - Posted by: Old Army Vet 1/23/2025 9:48:41 AM (No. 1879874)
Another woke company bites the dust.
1 person likes this.

Reply 9 - Posted by: Heil Liberals 1/23/2025 10:50:30 AM (No. 1879933)
EV Startup is just a fancy term for Pump & Dump. I wonder how much taxpayer and investor money the principles walked away with?
3 people like this.

Reply 10 - Posted by: DVC 1/23/2025 10:54:27 AM (No. 1879943)
Aww. Reality bites back. The government gravy train drying up and no actual purchasers want your product?
4 people like this.

Reply 11 - Posted by: hershey 1/23/2025 11:30:45 AM (No. 1879966)
I can't, Canoo??? Sorry, couldn't resist..
0 people like this.

Reply 12 - Posted by: padiva 1/23/2025 11:46:52 AM (No. 1879978)
OPM doesn't last forever.
0 people like this.

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