EV startup Canoo has announced a mandatory unpaid break for remaining employees, locking them out of company systems while seeking to secure necessary capital.
The company has faced ongoing financial difficulties and multiple executive departures, prompting the recent furloughs and idling of Oklahoma factories as it searches for funding.
In a statement, Canoo expressed regret over the furloughs, particularly during the holiday season, emphasizing they had no choice and remain hopeful for employee return.
Canoo is currently in "advanced discussions with various capital sources" to resolve its financial issues and resume operations as soon as possible.
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