Seven-year-old electric vehicle startup Canoo has filed for Chapter 7 bankruptcy and announced an immediate halt to operations weeks after it furloughed its remaining workers and idled its Oklahoma factory.

Canoo, the electric vehicle startup that once promised to employ thousands of Oklahomans, filed for bankruptcy on Friday.

Canoo, which makes pod-shaped electric vehicles, announced Friday that it filed for bankruptcy and ceased operations.

The startup, founded in 2017 and focusing on electric commercial vehicles, has run out of money, ceasing operations and beginning plans to liquidate its assets.

Canoo was founded in 2017 by two former Faraday Future executives, changing its name from Evelozcity in 2019. That same year, it unveiled its so-called lifestyle vehicle prototype model. It made no revenue in 2022 and almost none in 2023. Development costs kept piling up, with more than $1 billion in loans.

Electric vehicle manufacturer Canoo announced it was filing for bankruptcy Friday. The Oklahoma government was not just a customer but also a de facto investor in Canoo, offering more than $100 million in incentives to bring facilities to the state.

Texas-based EV startup Canoo filed for Chapter 7 bankruptcy Friday, joining a growing list of failed electric vehicle manufacturers that initially blossomed in the wake of Tesla ’s success, albeit one that required six years before realizing a quarterly profit.

Unable to secure any funding from the U.S. Department of Energy’s Loan Program Office (or, apparently from other sources, including international investors), Canoo will cease all operations effective immediately,

Justin, Texas-based electric vehicle startup Canoo announced Friday it had begun bankruptcy proceedings and ceased operations, effective immediately.

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will "cease operations immediately." The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court.