Canoo Files for Chapter 7 Bankruptcy, Ceases Operations Immediately

The EV startup will liquidate its assets after failing to secure funding and deliver on key commitments.

Canoo, founded in 2017, filed for Chapter 7 bankruptcy, announcing an immediate shutdown of operations and liquidation of assets.
The company cited difficulties in securing additional funding from both the U.S. Department of Energy and foreign investors as reasons for its collapse.
Canoo's liabilities exceed its assets, with debts ranging between $10 million and $50 million owed to fewer than 49 creditors, while its assets are valued at less than $50,000.
Despite partnerships with NASA, Walmart, USPS, and others, Canoo failed to deliver on its commitments and struggled to scale production of its electric vans.
The company's Oklahoma factory, which once promised significant job creation, was idled in 2024, and its remaining employees were furloughed before the bankruptcy filing.