Canoo Declares Bankruptcy in the Competitive Electric Vehicle Industry
Canoo, a company focused on electric mobility, has recently filed for bankruptcy under Chapter 7 of the U.S. bankruptcy code. The decision comes after years of financial struggles, despite Canoo’s initial promise as a potential player in the electric vehicle market. The company, which was founded in Torrance, California in 2018, aimed to establish itself as a leading electric industrial vehicle provider.
In 2020, Canoo caught the attention of Hyundai, leading to a collaboration and an anticipated investment of $87 million over five years. However, just a year later, Hyundai terminated the partnership, adding to Canoo’s financial woes. The company’s financial difficulties have been a common trend among electric vehicle startups, with Tesla facing similar challenges in its early days.
Despite signing significant business agreements, including partnerships with NASA, the company’s financial troubles led to the recent decision to cease operations and declare bankruptcy. Shareholders are expected to disengage rapidly as trading resumes. The next steps involve the appointment of a committee to oversee the liquidation of the company’s assets in order to settle outstanding debts.
While there were past rumors of potential acquisition by Apple, Canoo’s journey is now coming to an unfortunate end amidst the competitive and rapidly changing landscape of the electric vehicle market.
Source: [Híbridos y Eléctricos](https://www.hibridosyelectricos.com/coches/exito-quiebra-este-fabricante-se-declara-en-bancarrota-paraliza-inmediatamente-toda-actividad_78063_102.html)