Canoo Faces Turmoil with Executive Resignations and Financial Struggles

The EV startup secures a $12 million credit facility amid leadership changes and workforce furloughs.

Canoo's CFO Greg Ethridge and General Counsel Hector Ruiz resigned on October 31, prompting a leadership reshuffle.
The company has secured a $12 million revolving credit facility from AFV Management Advisors, linked to CEO Tony Aquila.
Canoo has furloughed 30 employees at its Oklahoma plant as part of a realignment of North American operations.
The EV maker extended healthcare benefits for furloughed workers until November 30 following employee concerns.
Canoo is facing financial difficulties, including lawsuits from suppliers over unpaid bills, and reported limited cash reserves as of June 2024.