Founded in 2017, Canoo had 800 employees but was struggling financially, relying on loans and never turning a profit.
The company laid off its remaining 82 employees at the end of 2024, following a series of previous layoffs. Canoo announced that it would liquidate its assets to pay its debts and creditors.
Despite promising technologies, including a versatile EV platform that caught Hyundai’s attention, Canoo couldn’t sustain its business. Hyundai planned to develop the platform with Canoo in 2020, but the partnership did not yield the expected results.
Source: Ferra
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