Automotive: Another woke EV company, Canoo, going belly-up

Another Woke EV company, who swallowed the democrat’s Green New Scam lie whole, is going belly-up. The struggling Oklahoma-based electric van startup Canoo is perhaps days away from declaring bankruptcy.

According to an internal email obtained by TechCrunch, the startup has placed employees on a “mandatory unpaid break” through the end of the year.

The email said that just a few days before Christmas, the company locked employees out of Canoo’s systems.

“It recently closed the Los Angeles office that used to serve as its headquarters. It has lost a lot of executives, including its chief technology officer, chief financial officer, and general counsel,” TechCrunch noted.

Auto blog Jalopnik provided more color on Canoo’s struggles, including how “the company spent twice as much on a private jet for its CEO than it had earned for the entire year of 2023. It burned through capital and now seems unable to wrap up the year.”

Back 2022 Walmart signed a definitive agreement with Canoo, to purchase 4,500 all-electric delivery vehicles, beginning with the Lifestyle Delivery Vehicle (LDV), with the option to purchase up to 10,000 units.

Believing the Green New Scam’s lies, the vehicles were to be used to deliver online orders in a sustainable way which will also contribute to Walmart’s goal to achieve zero-emissions by 2040.

Their website Canoo.com is still up.

FT reported that the slow growth of EV adoption globally stems from high upfront costs, concerns about range and charging infrastructure, and fading energy price advantages due to geopolitical tensions.

Rising interest rates have further increased leasing costs. In Europe, EV prices have climbed from €40,000 in 2020 to €45,000 today, far above the €20,000 many consumers are willing to pay.