US electric vehicle start-up manufacturer Canoo, which produced the biggest headlines of the 2024 UK CV show when it debuted its futuristic designs, has filed for bankruptcy.
The firm showed a van in two sizes and a pick-up truck at May’s event at the NEC in Birmingham, all boasting distinctive styling with the stand-out feature a glass panel on the lower front where on a traditional vehicle the grille would be located.
At the time the firm said it had an agreement in America with supermarket Walmart to purchase 4,500 vehicles, while the US Postal Service had taken six right-hand drive Canoo vans which were more convenient for postal workers carrying out deliveries. – European homologation was thought to be imminent.
Canoo planned to launch in Britain in 2025, initially targeting sales at major users such as water companies and other utilities, and potentially expanding to smaller fleets at a later date.
But announcing its filing for Chapter 7 bankruptcy protection, Canoo stated that despite being American-made and successfully delivering to many major organisations such as NASA and the Department of Defense, the company had been unable to secure financial support from the U.S. Department of Energy’s Loan Program Office.
The statement added that discussions with foreign sources of capital had also proved unsuccessful and the Board had made the difficult decision to file for insolvency. Canoo will cease operations effective immediately and a court appointed trustee will manage the liquidation of the company’s assets.
“We would like to thank the company’s employees for their dedication and hard work,” said Canoo chairman and CEO Tony Aquila, one of the company’s largest investors. “We know that you believed in our company as we did. We are truly disappointed that things turned out as they did.”
