Canoo Sinks: American Electric Van Startup Files For Bankruptcy
Texas-based electric vehicle startup Canoo has gone bankrupt after seven years of trying to launch a bubble-shaped van and other models.
The company announced on Friday that it had filed for Chapter 7 bankruptcy and that its assets will be liquidated.
Canoo’s van was designed on a modular platform with a steer-by-wire system that could accommodate a variety of body styles.
Its signature Lifestyle Delivery Vehicle was minivan-size and featured a glass panel where the grille would be on a normal van. It was advertised with a range of 200 to 250 miles per charge and a projected starting price of $35,000, but never officially went on sale.
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Several prototypes for testing were delivered to a number of potential customers, including the state of Oklahoma, where it was set to be manufactured, NASA and the U.S. Department of Defense. The latter of those vehicles were a van that would be used to shuttle astronauts and a Light Tactical Vehicle with a pickup bed.
Canoo cited its failure to acquire a loan from the U.S. Department of Energy as one of the factors behind its decision to file for bankruptcy.
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That agency last week closed a $6.6 billion loan for Rivian to help it build a new electric SUV factory in Georgia that’s set to open in 2028.
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