In a recent statement, EV startup Canoo revealed that it has filed for Chapter 7 bankruptcy and will "cease operations immediately." The struggling EV startup noted that it failed to secure “foreign sources of capital,

Electric van startup Canoo announced it has filed a voluntary petition for Chapter 7 bankruptcy, which will liquidate company assets and distribute proceeds to creditors.

Struggling electric vehicle startup Canoo has filed for bankruptcy and ceased all operations.

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.

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.

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.