• Canoo, an electric vehicle startup, has filed for Chapter 7 bankruptcy, ceasing operations immediately. The company reported assets worth $126 million against liabilities exceeding $164 million, indicating a significant financial shortfall. This move follows a series of operational struggles, including idling its Oklahoma facility and losing key executives. Canoo's inability to secure support from the U.S. Department of Energy or foreign investors ultimately led to this decision, marking a notable failure in the EV startup sector, which has seen increasing financial pressures and competition.

• The bankruptcy of Canoo highlights broader challenges facing the electric vehicle industry, particularly among startups. At least 18 other EV and battery startups are reportedly at risk of running out of cash by the end of 2024, as noted in recent reports. The ongoing price wars initiated by established players like Tesla have further strained the financial viability of newer entrants. As Canoo joins the growing list of failed EV startups, investors and analysts are increasingly concerned about the sustainability of the EV market, especially in light of rising operational costs and fluctuating demand.