this post was submitted on 27 Jan 2025
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Calif.-founded EV maker Canoo, once worth $2.4 billion, goes belly-up after moving to Texas (www.sfgate.com)
submitted 3 days ago by mesamunefire to c/technology
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[–] karpintero 25 points 3 days ago (3 children)

I was hoping their truck or lifestyle vehicle would make it to market, but yeah they had a steep hill to climb with all the turmoil surrounding the company, scaling production, and the change in political winds now being essentially hostile to EV manufacturers.

In August, Canoo moved its headquarters from Torrance, Calif., to Justin, Texas — asking 137 of the office’s 194 employees to relocate, while cutting the remaining staff.

Moving wasn't going to save the company so why uproot your employees only to fold 5 months later

[–] blady_blah 11 points 3 days ago

It was probably part of a cost cutting plan too show they were trimming costs in order to get more funding from investors. It clearly didn't work.

[–] drahardja 13 points 3 days ago (1 children)

I wonder if Texas has better bankruptcy laws.

[–] karpintero 9 points 3 days ago* (last edited 3 days ago)
[–] daddy32 1 points 2 days ago

political winds now being essentially hostile to EV manufacturers.

Wonder what musk's got to say about that. Or are the winds hostile against tesla's competition only?