Canoo, the EV startup founded in 2017, has just announced that it is unsure it will be able to continue operating and starting EV production, as it is apparently running out of money. Even though the company has some 17,500 pre-orders, potentially worth up to $750-million, it stated in its Q1 2022 financial results report that as things are going right now, it will run out of cash.
In the Q1 report, the startup announces that it lost $125.4-million in the first three months of 2022 and that it had just $104.9-million left on the last day of March. Now with its projected expenses for the next quarter, expected to be between $95- and $115-million, Canoo could go bankrupt in the next few months.
