Canoo capsizes under capital struggles

Troubled electric vehicle (EV) start-up Canoo has filed for bankruptcy and ceased operations. A court-appointed trustee will manage the liquidation of the company’s assets.

The US hopeful was founded in 2017 by two former Faraday Future executives under the name Evelozcity. The aim was to “reinvent the automotive landscape” with a versatile zero-emission platform using a skateboard architecture that could be paired with any type of cabin design. The company claimed that its unique approach allowed for a smaller skateboard, reduced weight and fewer parts, providing more interior cabin space and a more cost-effective EV offering. The roadmap called for a range of models targeted at commercial fleets, like delivery and ride-sharing operations alongside commuter models, offered by subscription only.