In late December, when TechCrunch reported that EV startup Canoo had just $700K in the bank and was putting its staff on a “mandatory unpaid break,” it felt like there’s never been clearer writing on any wall in history.

That’s why it surprised few when, this week, Canoo announced that it would be ceasing operations and filing for Chapter 7 bankruptcy.

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Canoo had hoped to break into the electric vehicle market with a unique design that covered several bases for users. Calling it a “lifestyle vehicle” this took the form of a skateboard chassis supporting a swappable design that was pitched in delivery or passenger van styles, as well as a pickup truck.

And while the company has had some wins since its inception in 2017 – including the Army’s review of its Light Tactical Vehicles, as well as deals with the state of Oklahoma, Walmart and the USPS – that wasn’t enough to keep Canoo afloat.

Canoo announced on January 17th that it was insolvent after attempts to secure desperately needed funding had failed. The company said talks with the U.S. DOE Loan Program Office, as well as those with foreign sources, were unsuccessful in netting any financial support to keep the company going.

Chairman and CEO Tony Aquila said he was “truly disappointed that things turned out as they did” and thanked the company’s employees and customers for their belief in Canoo and its product. A press release issued by the company has said that Canoo would cease operations immediately and its assets would be liquidated.

Earlier this year, Canoo was the subject of some negative press when it was discovered that the company had reimbursed Aquila for the use of his personal private jet in 2023, to the tune of $1.7 million in 2023. Canoo’s revenue for the entire year was only $886,000.

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