Another One Bites the Dust: EV Startup Canoo Files for Bankruptcy
21st January 2025
The EV world has gotten more and more competitive over the last few years. It’s become saturated with competition and demand is starting to hit its limits, all while at the same time major Chinese names are dominating the industry.
That’s why it’s not surprising to see another name in the space, Canoo, file for bankruptcy.
The seven-year-old electric vehicle startup has filed for Chapter 7 bankruptcy in Delaware, announcing it will “cease operations immediately.” The company is liquidating its assets, citing failed attempts to secure foreign capital and funding from the U.S. Department of Energy’s Loan Program Office, according to TechCrunch.