[M5Rick]

Oki doki back to business. ''The vast majority of EV's are sold on business leases to fleets and corporations making it appear that the EV market is taking off, nothing could be further from the truth'.

[DrFerry]

EV startup Canoo files for bankruptcy and ceases operations
.
Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will “cease operations immediately.” The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court.

The company said in a press release published late Friday that it was “in discussions with foreign sources of capital” that proved unsuccessful, and also singled out an inability to secure funding from the U.S. Department of Energy’s Loan Program Office, which has been on a lending spree in the waning days of the Biden administration.

Canoo said in its bankruptcy filing (and the filings for its subsidiaries) that it owes money to hundreds of creditors, and that it has more than $164 million in total liabilities. It claimed around $126 million in assets.

The bankruptcy filing comes just a few weeks after Canoo furloughed the remainder of its workers and idled its factory in Oklahoma. The company struggled throughout 2024 to get more than a few of its electric vans into the hands of prospective customers, and suffered numerous executive departures. It had just $700,000 in the bank in mid-November.
.
https://techcrunch.com/2025/01/17/ev...es-operations/

[Efthreeoh]

Originally Posted by DrFerry

EV startup Canoo files for bankruptcy and ceases operations
.
Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will “cease operations immediately.” The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court.

The company said in a press release published late Friday that it was “in discussions with foreign sources of capital” that proved unsuccessful, and also singled out an inability to secure funding from the U.S. Department of Energy’s Loan Program Office, which has been on a lending spree in the waning days of the Biden administration.

Canoo said in its bankruptcy filing (and the filings for its subsidiaries) that it owes money to hundreds of creditors, and that it has more than $164 million in total liabilities. It claimed around $126 million in assets.

The bankruptcy filing comes just a few weeks after Canoo furloughed the remainder of its workers and idled its factory in Oklahoma. The company struggled throughout 2024 to get more than a few of its electric vans into the hands of prospective customers, and suffered numerous executive departures. It had just $700,000 in the bank in mid-November.
.
https://techcrunch.com/2025/01/17/ev...es-operations/

Never heard of them...

[M5Rick]

Originally Posted by DrFerry

EV startup Canoo files for bankruptcy and ceases operations
.
Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will “cease operations immediately.” The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court.

The company said in a press release published late Friday that it was “in discussions with foreign sources of capital” that proved unsuccessful, and also singled out an inability to secure funding from the U.S. Department of Energy’s Loan Program Office, which has been on a lending spree in the waning days of the Biden administration.

Canoo said in its bankruptcy filing (and the filings for its subsidiaries) that it owes money to hundreds of creditors, and that it has more than $164 million in total liabilities. It claimed around $126 million in assets.

The bankruptcy filing comes just a few weeks after Canoo furloughed the remainder of its workers and idled its factory in Oklahoma. The company struggled throughout 2024 to get more than a few of its electric vans into the hands of prospective customers, and suffered numerous executive departures. It had just $700,000 in the bank in mid-November.
.
https://techcrunch.com/2025/01/17/ev...es-operations/

Canoo. Their R&D team was based in Detroit region.
https://www.google.co.uk/search?q=ca...client=gws-wiz

[DrFerry]

Originally Posted by Efthreeoh

Never heard of them...

Nor I, but who cares - another one bites the dust as Queen would say.

[M5Rick]

Originally Posted by DrFerry

Nor I, but who cares - another one bites the dust as Queen would say.

I'd put the song on now for that but Freddie would be turning in his grave in Golders Green knowing it was used in conjunction with EV's

[Efthreeoh]

Originally Posted by DrFerry

Nor I, but who cares - another one bites the dust as Queen would say.

So, I googled it after your post. I remember the van now, it has no front or rear when viewed from the side. I never really paid attention to it since it was originally a fleet-only endeavor for the first years. I forgot about it.

An electric Honda Element...

[gblansten]

Originally Posted by Efthreeoh

So, I googled it after your post. I remember the van now, it has no front or rear when viewed from the side. I never really paid attention to it since it was originally a fleet-only endeavor for the first years. I forgot about it.

An electric Honda Element...

It wasn’t a bad fleet purposed vehicle. They just never got it going.

[eugenebmw]

Originally Posted by M5Rick

Oki doki back to business. ''The vast majority of EV's are sold on business leases to fleets and corporations making it appear that the EV market is taking off, nothing could be further from the truth'.

With the modern ICE, cars can easy last for 10 years or 300,0000km when you keep up with the basic maintenance. For EV.... I let the people find out from the hard way

[eugenebmw]

Originally Posted by Efthreeoh

Never heard of them...

EV companies startup fast and then went belly up even faster.....

[Efthreeoh]

Originally Posted by eugenebmw

EV companies startup fast and then went belly up even faster.....

"Aquila’s own financial firm appeared to benefit from his post atop the company. In 2023, Canoo spent double its meager revenue to Aquila’s firm to pay for the use of its corporate jet. Canoo also rented office space from Aquila’s firm, according to regulatory filings."

What does a startup need with a corporate jet?

[M5Rick]

Originally Posted by eugenebmw

With the modern ICE, cars can easy last for 10 years or 300,0000km when you keep up with the basic maintenance. For EV.... I let the people find out from the hard way

That's if they don't catch fire first parked outside in a rainstorm