Canoo Files for Chapter 7 Bankruptcy

Canoo, the electric vehicle startup, announced that it would be filing for Chapter 7 bankruptcy. As part of the filing, the company will cease all operations immediately.

The decision follows a series of financial struggles, including rapid cash burn and difficulties in raising additional funding. Canoo’s challenges have been exacerbated by an uncertain demand for its microbus-inspired cargo vans, leaving the company unable to secure the capital needed to continue its operations.

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