Canoo Halts Operations, Puts All Employees on Unpaid Break

The struggling EV startup cites financial troubles and ongoing efforts to secure funding as reasons for furloughs and factory shutdowns.

Canoo has placed its entire workforce on a mandatory unpaid break starting December 23, with employees locked out of company systems until further notice.
The company has been facing severe financial challenges, reporting just $700,000 in cash reserves last month and over $300 million in losses for 2023.
Operations at Canoo's Oklahoma factories have been paused as the company works to secure new capital to sustain its business.
Canoo recently announced a 1-for-20 reverse stock split in an attempt to maintain its Nasdaq listing and attract investors.
State officials in Oklahoma are considering reclaiming public incentives after Canoo failed to produce vehicles in the state despite receiving $1 million in funding.