EV startup Canoo files for bankruptcy, to cease operations
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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)
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