Thursday, January 23, 2025

A waste of econom/ic resources

EV startup Canoo files for bankruptcy and ceases operations



Canoo is the latest EV startup to go bankrupt after merging with a special purpose acquisition company (SPAC) as a shortcut to going public. Electric Last Mile Solutions was the first in June 2022. But since then, FiskerLordstown MotorsProterraLion Electric, and Arrival all filed for different levels of bankruptcy protection in their various home countries. (Canoo bought Arrival's assets out of insolvency in 2024, though it's unclear if it ever put any of it to use.)


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