EV startup Canoo has filed for bankruptcy

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Canoo, the electric vehicle startup, has announced its filing for bankruptcy after failing to secure the necessary funding over the past few months.

In a press release issued on Friday, the company stated that it would cease all operations immediately and plans to file for Chapter 7 bankruptcy. The filing was submitted to the U.S. Bankruptcy Court in Delaware, which will oversee the liquidation of the company"s assets through a bankruptcy trustee.

In this regard, Tony Aquila, Chairman and CEO of Canoo, said: "We would like to express our heartfelt gratitude to our employees for their dedication and hard work. We know that you believed in the vision of our company just as we did. We are deeply disappointed by how things turned out. We also want to thank our partners, including NASA, the Department of Defense, the U.S. Postal Service, the State of Oklahoma, and Walmart, for their trust in our products and company. Your support has meant so much to everyone on our team."

The bankruptcy announcement follows the company"s unsuccessful attempts to secure funding from the U.S. Department of Energy"s Loan Programs Office and its failure to attract foreign investments.

Canoo established a factory in Oklahoma last year and, during its operations, signed contracts with major entities such as NASA, the U.S. military, the State of Oklahoma, the U.S. Postal Service, Walmart, and several other companies.

This announcement marks the end of the company"s journey. The company aimed to deliver innovative electric vehicles but was unable to overcome its financial challenges.

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