EV truck company CANOO looks to have collapsed

[Melensdad]

End of the road for this EV start up. I actually made a bit of money on the stock, back in the day. Not much, but since most people lost, and then doubled down to buy the dip, I consider myself fortunate.

The tech was promising, a single platform with multiple configurations, and lots of parts commonality but, from what I can see, management that appears to have mismanaged and overspent on things that, at least for me, make no sense. I'd actually love to have one of their pick up trucks, that had designs for one that was very work and off road configurable and promised a highly competitive price too.

Not sure who actually produced the delivery vehicles that they have on the roadway, but there are a couple fleets of their local delivery vehicles floating around.

End Of Road: EV Startup Canoo Puts Employees On "Mandatory Unpaid Break" | ZeroHedge

ZeroHedge - On a long enough timeline, the survival rate for everyone drops to zero

www.zerohedge.com

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End Of Road: EV Startup Canoo Puts Employees On "Mandatory Unpaid Break"​

The struggling Oklahoma-based electric van startup Canoo appears to have reached the end of the road.​

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According to an internal email obtained by TechCrunch, the startup has placed employees on a "mandatory unpaid break" through the end of the year.​

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The email said that just a few days before Christmas, the company locked employees out of Canoo's systems. ​

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As of mid-November, the startup had $700k in cash or cash equivalents as it rounded out a very turbulent year amid an ongoing EV downturn. ​

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"It recently closed the Los Angeles office that used to serve as its headquarters. It has lost a lot of executives, including its chief technology officer, chief financial officer, and general counsel," TechCrunch noted. ​

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Auto blog Jalopnik provided more color on Canoo's struggles, including how "the company spent twice as much on a private jet for its CEO than it had earned for the entire year of 2023. It burned through capital and now seems unable to wrap up the year." ​

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"Canoo was supposed to bring automotive manufacturing back to the state of Oklahoma, and the company received taxpayer-funded, performance-based incentives totaling $100 million spaced out over 10 years to do exactly that," Jalopnik said, adding, "But the way things are going right now, it's questionable whether Canoo will last long enough to bring those promised steady jobs to the Sooner State." ​

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A former employee provided Oklahoma news outlet KFOR with deeper insight into the startup, alleging that it has produced nothing... ​

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"They have tons of equipment," the former employee said. "It looks great. They have literally everything to run an entire assembly line for cars."​

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Last December, Canoo proudly announced it had built its first three vehicles in the Oklahoma City plant, before selling them to the state.​

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The former employee told News 4 that "made in Oklahoma" announcement gave him a good laugh.​

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"I can tell you, those did not come off our assembly line," the former employee said. "If you talk to any Canoo employee, they'll tell you those do not come off the assembly line."​

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He says Canoo never paid the company that provided the software that the machines use to operate.​

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The former employee also says the company only ran the machines when showing them off to media or investors.​

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"The majority of those folks that were employed there, especially those hourly people, were just standing around twiddling their thumbs," the former employee said.​

The company has boasted about partnerships with Walmart, DoD, and the USPS over the years...​

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Shares (GOEV) plunged into the abyss since it SPAC'd in late 2020. ​

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What a giant waste of money.​

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[waybomb]

Good. Another ugly vehicle gone. Why can't they make a good looking EV?
Without an engine, there's no limit to design.

 

[Kevlar]

No doubt. They already have several strikes against them because of being an electric vehicle and the issues that come with that, then they make them ugly as hell. Instead of trying to stand out by being the ugliest thing on the market, make it the sexiest thing. Scrap the techno futuristic crap look. You would almost think they are trying to make themselves fail.

 

[FrancSevin]

Ugly or pretty, there simply isn't a big market for EV's. They work as a commuter car. Any other application fails to compete with IC engine power. Most especially outdoor recreation applications. It is a matter of logic and common sense.

Same with OTR trucking. A waste of taxpayer money. We should stop funding such enterprises as it has not really advanced the technology to mainstream use after some 20 years of trying.

The Canoo experiment is a perfect example of governments making laws that force crazy attempts by private industry. Endeavors to take advantage of those stupid laws and wasting capital, and personal energy, in the process.


Another point. Electric forklifts are the best over propane and gasoline. A perfect, very workable, application of the technology. But my 30 year old Dodge one ton diesel still runs and does the job it did when I first bought it. Reliable even in the outback of the MO backwoods Ozarks. This because each is the best application of the technology.

Finally, after all these laws and financial failures the oceans have not risen one inch of the 20 feet of which Al Gore warned us for the last 25 years. Time to ground his private jet. And his self-serving campaign.