The company had been in talks for the same kind of loan from the Biden administration that Rivian was just awarded, only to be denied at the last moment.

The move comes as the company failed to obtain support from the US Department of Energy's Loan Program Office.

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.

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will "cease operations immediately." The company is liquidating its assets in a

The EV start-up had at one point allegedly been in conversations with Apple and had signed contracts with both NASA and Walmart.

Electric vehicle startup Canoo declares Chapter 7 bankruptcy. The company is ceasing operations and will liquidate its assets.