Struggling electrical car startup Canoo said it has laid off 82 workers and is idling its Oklahoma plant whereas it seeks to boost the capital wanted to outlive. The corporate says it’s in “superior discussions with varied capital sources” to boost emergency financing.
The announcement comes simply days after board member James Chen resigned and a few month after the corporate was based. saw its CFO and chief lawyer leave. Canoo can also be going through several trials from suppliers on account of alleged late funds.
The brand new holidays cap a troublesome yr for the startup. The corporate underwent a number of rounds of layoffs and furloughs and closed the Los Angeles workplace that after served as its headquarters. Canoo Chief Know-how Officer left in Augustand all of the founders of the corporate are actually gone. Within the meantime, it has been kept afloat thanks to loans of the enterprise capital agency led by its CEO, Tony Aquila.
It is unclear what Canoo was manufacturing at its Oklahoma facility earlier than deciding to droop operations there. Thus far, the corporate has delivered electrical vans to NASA, USPS, Walmart and the Division of Protection for testing. However the firm failed to comprehend its broader ambitions to ramp up manufacturing for different industrial clients.
In an unsigned assertion, Canoo mentioned: “We remorse having to furlough our workers, particularly in the course of the holidays, however we now have no alternative presently. We hope to have the ability to get them again to work quickly. » Aquila didn’t instantly reply to a request for remark.
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