Canoo's bankruptcy filing cites a failure to secure funding from the Department of Energy and foreign investors as a key factor, leading to the difficult decision to cease operations.
Canoo's CEO, Tony Aquila, expressed disappointment over the company's fate, reflecting on the significant efforts made to secure necessary funding that ultimately did not succeed.
Despite partnerships with NASA, the US Army, USPS, and Walmart, Canoo's production of electric vans has been severely limited, raising questions about the viability of its business model.
With over $164 million owed to creditors and only $126 million in assets, Canoo's Chapter 7 bankruptcy filing will result in a liquidation of its assets to settle debts.
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