The automobile sector lives an accelerated transformation: between 2023 and 2024, global sales of electric vehicles grew by 25%, reaching 17.1 million units. Especially in China, the world leader, enrollments increased by 40% thanks to state incentives and greater interest of the consumer. In the US, although growth was moderated, they represented more than 20% of sales in 2024, with forecasts of an electric market that will exceed 200 billion dollars in a decade
To the dawn of this juncture, many companies have grown suddenly, as is the case of Canoo. The Startup based in Torrance (California) was born with the ambition to be the “Tesla de las Vans”, declared bankruptcy under chapter 7 of the US bankruptcy code. UU. The accumulation of unsustainable debts and their failure to attract key investments have not left him another exit.
From Evelozcity to Canoo: born with ambition
The company was founded in 2017 under the name of Evelozcity, promoted by Stefan Krause (Ex-Cfo de Deutsche Bank) Y Ulrich Kranz (BMW’s ex -director). In March 2019 he adopted the Canoo brand and, in September of that year, he revealed his first prototype: an modular electric minister designed for fleets and distribution services. The vision was to offer a ‘skateboard’ (a modular and transformable, very versatile electrical platform, which would allow to create vans, microbuses or distribution vehicles according to the needs.
In February 2020, Hyundai Motor Group agreed to collaborate with Canoo for five years, investing $ 87 million to jointly develop a scalable electrical platform. That same year, Canoo completed its fusion with the Hennessy capital acquisition corp IV and debuted at the Nasdaq under the Goev symbol, with an approximate assessment of 2 400 million dollars. However, in March 2021 Hyundai ended the collaboration, which marked the beginning of financial pressures for Canoo.
Financial setbacks and outstanding collaborations
The high R&D costs and an ultracompetitive market hindered canoe’s viability, similar to other electrical mobility startups. Despite this, the firm closed prestige agreements: NASA awarded the contract in April 2022 to manufacture three crew transport vehicles (CTV) for the Artemis program, valued at 147 855 dollars. In addition, Canoo signed orders with Walmart, USPS and other corporate fleets, although real deliveries never reached mass production.
On January 17, 2025, Canoo voluntarily presented chapter 7 in the Delaware Banking Court, ceased operations instantly and trusted a trustee to settle its assets. With liabilities estimated at 164 million dollars and assets valued at 126 million, the shareholders withdrew their support when opening the Nasdaq the following Monday. A committee designated by the Court will manage the dissolution and distribution of funds to the creditors; Only a last minute investor, such as those that were speculated (for example, Apple in 2020), could alter this outcome.
Although Canoo has not survived, the impulse towards clean transport remains unstoppable. Consolidated manufacturers (Tesla, Volkswagen, Byd) and well -capitalized startups (Rivian, Lucid) expand their electric ranges and increase investments in R&D. Recharge infrastructure expands and environmental regulations favor zero emissions models.
