Texas Based Electric Vehicle Startup Files For Bankruptcy

You may or may not have heard of the Electric Vehicle company Canoo. At one time, they were part of the big EV race in California where they originally had their headquarters. Last year, the company moved to Texas hoping that their company's fortunes would reverse.

They didn't.

According to Chron.com, Canoo made electric vehicles that looked... different. I guess you could probably say that about many electric vehicles, but these looked more like transport vans or vans that businesses would use to transport things. Chron.com called them "pod-shaped". However you want to describe them, they obviously didn't take off.

Last week, Canoo announced that it had filed for bankruptcy and had "ceased operations". Canoo had recently moved their headquarters from California to Justin, TX in North Texas. Below is a video from last year showing off one of the new models of vans offered by Canoo.

According to the report from Chron.com, Canoo attempted to get financial support from the U.S. Department of Energy's Loan Program. Despite having NASA and Walmart as partners, Canoo couldn't make it.

Canoo's latest quarterly report showed the company with an operating loss of $165 million dollars.

EV companies are still in a battle to see who survives and which companies become popular with drivers or companies that need fleet vehicles.