Photo: Canoo.

News

Texas-Based EV Maker Canoo Files Liquidation Bankruptcy

Written By: CarPro | Jan 29, 2025 10:36:17 AM

Another electric vehicle maker is finding itself in financial dire straights. Texas-based Canoo, which was originally founded in California,  has filed for liquidation bankruptcy under Chapter 7 of the U.S. Bankruptcy Code.  In its recent announcement, the company said it was ceasing operations immediately. 

The bankruptcy filing comes roughly four years after Canoo went public in December 2020.  In a statement, Canoo says despite successfully delivering to NASA, the Department of Defense (“DOD”), The United States Postal Service (“USPS”), and the State of Oklahoma and having agreements with Walmart and others, it's "unfortunately been unable to secure financial support from the U.S. Department of Energy’s (DOE) Loan Program Office."  It also shared that recent efforts to get foreign sources of capital were unsuccessful. 

Tony Aquila, one of the company’s largest investors and Chairman and CEO said, “We would like to thank the company’s employees for their dedication and hard work. We know that you believed in our company as we did. We are truly disappointed that things turned out as they did. We would also like to thank NASA, the Department of Defense, The United States Postal Service (“USPS”), the State of Oklahoma and Walmart for their belief in our products and our company. This means a lot to everyone in the company.”

You can read more about Canoo's history and the road that led it to bankruptcy in an article written by SFGATE tech reporter Stephen Council.

Canoo is certainly not the only EV maker to file for bankruptcy in recent years.  Others include Fisker, Lordstown, Arrival, and Electric Last Mile Solutions.

Photo:  Canoo.