Founded at the end of 2017 by former members of Faraday Future, the startup Canoo presented its first model in 2019. And since then, it has established prestigious partnerships with organizations like NASA, the postal service (USPS), Walmart and others . But the startup went “shit” and placed itself under Chapter 7. This bankruptcy perhaps marks the end of a supposed El Dorado for these electric vehicle startups.
On December 11, 2020, Canoo (NASDAQ: GOEV) reached a record high of $9,328.80. After its declaration of bankruptcy, the stock finished falling and was worth, as of January 23, 2025, 0.37 USD. For those who believed in Canoo’s electric chimeras, it’s the Bérézina.
It must be said that the company burned through cash, like any startup should. She had to get financial support and according to the leaders, it had to come from foreign sources. But there has obviously been a problem and the source has dried up. Tony Aquila, President and CEO of the company regrets this situation. He, however, had no choice but to place himself under Chapter 7.
What remains of the Canoo adventure?
From now on, we could see a few vultures, always on the lookout, feasting on the remains of Canoo. However, recent statements by the 47th President of the USA, Donald J. Trump, do not go in this direction. No more EVs favored over thermal ones a priori.
-Canoo is part of this movement that there has been in electric vehicles to want to take full advantage of the intrinsic characteristics of this mode of propulsion. With floor batteries, interior space is maximized and in the end, Canoo is a box on wheels. A box yes, but entirely for the interior space.
Obviously, customers still prefer “classic-looking” cars. Canoo was also targeting the “soothing” EV. A sort of cocoon cut off from the world. In fact, people still prefer 0 to 100 km/h in X seconds to impress colleagues at the coffee machine in the morning.
Well, in the end, Canoo promised a lot and delivered little. 3 years ago, historic leaders left the adventure. There is a “crazy amount of money” poured into the electric (and/or autonomous) vehicle. Yet another vaporware that burned cash.
