Canoo, a weird EV startup based out of Texas (it used to be based in California) recently announced it has filed for Chapter 7 bankruptcy. In other words, it’s liquidation for the company in an attempt to satisfy debts and the end of the road.

EV startups are dying left and right, with Canoo the latest to file for bankruptcy after struggling to stay afloat in harsh economic conditions

The startup, founded in 2017 and focusing on electric commercial vehicles, has run out of money, ceasing operations and beginning plans to liquidate its assets.

Texas-based EV startup Canoo filed for Chapter 7 bankruptcy Friday, joining a growing list of failed electric vehicle manufacturers that initially blossomed in the wake of Tesla ’s success, albeit one that required six years before realizing a quarterly profit.

Following failed talks with investors, Canoo is insolvent. The US company builds electrically powered delivery vans.

The move comes as the company failed to obtain support from the US Department of Energy's Loan Program Office.

Not long after moving its headquarters from California to Texas, EV startup Canoo is sinking. The 7-year-old company making pod-shaped electric vehicles announced late last week that it filed for bankruptcy and ceased operations.

The company had been in talks for the same kind of loan from the Biden administration that Rivian was just awarded, only to be denied at the last moment.

Canoo stock price crashed by over 70% on Tuesday after the electric vehicle company filed for bankruptcy, as we had warned many times before, here, here, and here. GOEV stock fell by over 72% following the Chapter 7 filing.