Seven-year-old electric vehicle startup Canoo has filed for Chapter 7 bankruptcy and announced an immediate halt to operations weeks after it furloughed its remaining workers and idled its Oklahoma factory.

Canoo, the electric vehicle startup that once promised to employ thousands of Oklahomans, filed for bankruptcy on Friday.

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.

Canoo was founded in 2017 by two former Faraday Future executives, changing its name from Evelozcity in 2019. That same year, it unveiled its so-called lifestyle vehicle prototype model. It made no revenue in 2022 and almost none in 2023. Development costs kept piling up, with more than $1 billion in loans.

Unable to secure any funding from the U.S. Department of Energy’s Loan Program Office (or, apparently from other sources, including international investors), Canoo will cease all operations effective immediately,

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.

Justin, Texas-based electric vehicle startup Canoo announced Friday it had begun bankruptcy proceedings and ceased operations, effective immediately.

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.

Canoo, which makes pod-shaped electric vehicles, announced Friday that it filed for bankruptcy and ceased operations.

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.

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.