EV startups are dying left and right, with Canoo the latest to file for bankruptcy after struggling to stay afloat in harsh economic conditions

The startup, founded in 2017 and focusing on electric commercial vehicles, has run out of money, ceasing operations and beginning plans to liquidate its assets.

Upstart electric automaker Canoo promised to build an adorable electric van. The California-based startup got some big-hitter backing in its early years, including a deal to develop platforms with Hyundai and talks with Apple for its planned car.

Canoo stock price crashed by over 70% on Tuesday after the electric vehicle company filed for bankruptcy, as we had warned many times before, here, here, and here. GOEV stock fell by over 72% following the Chapter 7 filing.

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will "cease operations immediately." The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court.

Electric vehicle manufacturer Canoo announced it was filing for bankruptcy Friday. The Oklahoma government was not just a customer but also a de facto investor in Canoo, offering more than $100 million in incentives to bring facilities to the state.

Texas-based EV startup Canoo filed for Chapter 7 bankruptcy Friday, joining a growing list of failed electric vehicle manufacturers that initially blossomed in the wake of Tesla’s success, albeit one that required six years before realizing a quarterly profit.

The company had been in talks for the same kind of loan from the Biden administration that Rivian was just awarded, only to be denied at the last moment.