by Kevin Killough
Another electric vehicle startup is struggling in the face of a difficult EV market.
Texas-based Canoo, which had plans to produce EVs and batteries in Oklahoma, announced it’s furloughing 30 workers as it struggles financially.
The company made the announcement in a statement to local media, Tulsa World reported Monday.
The company’s Security and Exchange Commission filings and reports to security holders posted on its website indicated since October the company was facing financial difficulties and might have to “terminate or significantly curtail” its operations. According to a report to security holders, the company performed an analysis that raised “substantial doubt” about its ability to continue operating.
Last summer, California-based EV startup Fisker filed for bankruptcy in the midst of a difficult EV market in which consumer demand is not growing as automakers had anticipated.
Even the big automakers are scaling back their EV plans. Ford Motor Company lost $1.224 billion on its electric vehicle lines in the third quarter of this year, bringing the total losses on EVs so far this year to $3.7 billion. Shortly after its earnings call, the company announced it would be pausing production of its electric Ford F-150 Lightning.
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Kevin Killough is an investigative reporter at Just the News.
Photo by Canoo.
Hard to believe that there were so many startups banking on the EV mandates coming from the overreaching federal and state governments that were declaring mandates to STOP selling internal combustion powered cars. The market should decide, and is deciding, what to do about EV’s. That is, shun them.