EV startup Canoo is running out of cash and doubtful about its future
by Andrew J. Hawkins from The Verge - All Posts on (#5Z36V)
Image: Canoo Canoo, the struggling electric vehicle startup, thinks it's about to run out of money. In stark terms, the company reports that it only has enough cash to last another quarter and is unsure whether it will be able to stay afloat beyond that.
As of the date of this announcement, we are reporting that there is substantial doubt about the Company's ability to continue as a going concern," the company states in its first-quarter earnings report.
there is substantial doubt about the Company's ability to continue as a going concern"
Canoo was founded in late 2017 when former BMW executive Stefan Krause left then-struggling EV startup Faraday Future. Krause and some of the other executives who co-founded Canoo - which was then called...