Canoo ceases operations and declares bankruptcy

Electric commercial vehicle startup Canoo has ceased all operations and filed for bankruptcy.

The American business, which had developed the LDV130 electric cargo van, failed to raise sufficient funding to overcome its debts.

It's the latest in a line of failed electric vehicle manufacturers. Arrival went bust in early 2024, and was followed by car brand Fisker.

Volta Trucks also faced bankrupcy, in 2023, but was saved by Luxor Capital and it is set for a comeback.

Canoo produced a number of vehicles and supplied them to The United States Postal Service, Department of Defense, and NASA.

The Canoo LDV130 was based on a modular platform with drive-by-wire controls, which made it straightforward to alter the body to suit specific requirements.

Tony Aquila, one of the company’s largest investors as well as chairman and CEO, said: “We would like to thank the company’s employees for their dedication and hard work. We know that you believed in our company as we did. We are truly disappointed that things turned out as they did.

“We would also like to thank NASA, the Department of Defense, the United States Postal Service (“USPS”), the State of Oklahoma and Walmart for their belief in our products and our company. This means a lot to everyone in the company.”