EV startup Canoo files for bankruptcy, to cease operations
Tweet
Share
E-mail
A view shows the Canoo logo on a Canoo LV (Lifestyle Vehicle) electric vehicle outside a manufacturing site in Livonia, Michigan, U.S. November 29, 2022. REUTERS/Rebecca Cook/File Photo
(Reuters) - Canoo said on Friday it would file for Chapter 7 bankruptcy and cease operations, effective immediately.
The EV startup has been dealing with rapid cash burn and has struggled to raise additional funding amid uncertain demand for its microbus-inspired cargo vans.
(Reporting by Akash Sriram and Gursimran Kaur in Bengaluru; Editing by Krishna Chandra Eluri)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UK's Burnham to visit Ukraine with plan to support long-range missile production
- Syria, Israel hold US-mediated talks to ease tensions, Syria news agency says
- Soccer-Embattled Infantino says FIFA must close financial gap between 'big countries' and 'others'
Create E-mail Alert Related Categories
ReutersRelated Entities
BankruptcySign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
