EV Maker Canoo 'Goes Belly-Up After Moving to Texas'

2021: 'Automotive Startup Canoo Debuts a Snub-Nosed Electric Pickup'

2025: Canoo 'Goes Belly-Up After Moving to Texas'

'Its production volumes paled in comparison to Canoo's rate of cash burn, which was substantial, with net losses in 2023 totaling just over $300 million...' reports AutoWeek. 'It was able to deliver small batches of vans to a few customers, but apparently remained distant from anything approaching volume production.'

'Back in 2020, electric vehicle maker Canoo snagged a $2.4 billion valuation before it had shipped a single car,' remembers SFGate. 'Now, just months after yanking its headquarters from Los Angeles County to Texas, the company has gone belly-up.'

In its four-year span as a public company, Canoo battled investor lawsuits, Securities and Exchange Commission charges, executive departures and a mixed reception of its cars. Auto tech blogger Steven Symes recently likened Canoo's cargo-style van to an 'eraser on wheels.'

'Canoo is the latest EV startup to go bankrupt after merging with a special purpose acquisition company (SPAC) as a shortcut to going public,' notes TechCrunch. '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.'

In the years since it went public, [Canoo] made a small number of its bubbly electric vans and handed them over to partners — some paying — willing to trial the vehicles. The U.S. Postal Service, Department of Defense, and NASA all have or had Canoo vehicles.

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