Canoo furloughs workers and idles factory as it scrapes for cash

Quick Summary:

Struggling EV startup Canoo says it has furloughed 82 employees and is idling its factory in Oklahoma while it grasps for the capital needed to survive.

The company claims it is in “advanced discussions with various capital sources” to raise emergency funding.

In the meantime, it has been kept afloat by loans from the venture firm run by its CEO, Tony Aquila.

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Article Details

Author / Journalist: Sean O'Kane

Category: Technology

Markets: United States

Topics: Layoffs and furloughs Canoo Layoffs EVs Transportation

Source Website Secure: Yes (HTTPS)

News Sentiment: Positive

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-12-18 @ 22:54:37 (11 hours ago)

News Timezone: GMT -5:00

News Source URL: techcrunch.com

Language: English

Article Length: 350 words

Reading Time: 2 minutes read

Sentences: 16 lines

Sentence Length: 22 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © TechCrunch

News ID: 24541415

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