Canoo’s future in doubt as it grows short of cash

Why Canoo is Running Out of Cash? Reason Behind GOEV Stock Crash and  Forecast - YouTube


The financial challenges for EV manufacturer Canoo are growing serious enough that Oklahoma officials are in talks with company leaders about whether they will survive and take advantage of $7.5 million in state incentives.

It raises the specter that Canoo is closer and closer to crashing and burning with its EV efforts.

A report by The Frontier this week indicated the company that reached a deal to build plants in Pryor and convert a building in Oklahoma City into another manufacturing site is running out of money.

It’s not a surprise. OK Energy Today reported months ago how the company faced critical money shortages and losses. Canoo’s trading on Wall Street suffered a 3% loss at Tuesday’s close as shares settled down nearly 2 cents to 57 cents.

Canoo reached a deal with Oklahoma City as well and is in the reported process of converting a former factory along I-40 into a manufacturing operation. The company faces an Aug. 20 deadline to acquire the factory site or lose millions in state incentives.

Click here for The Frontier