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. […]
— Read More: justthenews.com
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