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American electric vehicle startup Canoo Inc. files for bankruptcy

Washington, Jan 20 (Prensa Latina) The American electric vehicle startup Canoo Inc. filed for bankruptcy today.

This firm was a supplier to the US Department of Defense, Walmart and NASA, among other organizations and companies.

The battery electric vehicle (BEV) firm Canoo Inc. announced it will file for Chapter Seven of the United States Bankruptcy Code to declare bankruptcy, according to a statement published by the company.

The company dealt with rapid cash burn and difficulties in raising additional funds amid uncertain demand for its cargo vans, inspired by microbuses.

The BEV manufacturer said that, despite successful deliveries to organizations such as NASA, the US Department of Defense, the United States Postal Service, the State of Oklahoma and having agreements with Walmart, among others, it unfortunately failed to obtain the necessary financial support. This is a support from the US Department of Energy’s Loan Program Office.

In addition, company executives were in discussions with foreign sources of capital. However, as these efforts were unsuccessful, the Board of Directors made the difficult decision to file for insolvency.

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