Canoo files for bankruptcy in the U.S. The manufacturer ceases operations
“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", said controversial CEO Tony Aquila.
Electric van manufacturer Canoo announced that it has filed “a voluntary petition for relief under Chapter 7 of the U.S. Bankruptcy Code”. We wrote about Canoo’s serious trouble back in November, with the company forced to sack about 30 workers due to financial issues. Since then, CEO Tony Aquila started looking for new sources of capital, clearly without success. Now, a court appointed trustee will manage the liquidation of the company’s assets.
A bit of Canoo’s history, before bankruptcy
“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”, officially declared Tony Aquila. Canoo has unfortunately been unable to secure financial support from the U.S. Department of Energy’s (“DOE”) Loan Program Office.
In March 2024, Canoo announced the intention to acquire Arrival’s advanced manufacturing assets. Not later than October, 2024, the U.S.-based company put its foot in Europe, opening a sales branch in the United Kingdom. Despite such growth project, the controversial CEO did not manage to save its own creature.
