Canoo, the EV manufacturer, not only furloughed more workers, as OK Energy Today reported earlier in the week, but now it has stopped manufacturing of its vehicles at the company’s Oklahoma City plant. Plus, its shares continued with another day of a drastic drop.
Reports confirmed that Canoo had furloughed 82 employees and was focused on obtaining capital during the shutdown of the plant located along Interstate 40.
“We regret having to furlough our employees, especially during the holidays, but we have no choice at this point. We are hopeful that we will be able to bring them back to work soon,” stated the company in an announcement.
The company also stated in the announcement that it was in “advanced discussions with various capital sources” to raise emergency funding.
Canoo initially announced last week that it was reducing its workforce by furloughing another 10 workers at its facility in Justin, Texas. The announcement came as the struggling EV maker had experienced dramatic losses on Wall Street trading of its shares. Shares plunged 29.17% on Dec. 10 and fell 23.53% a day later and finally a 24.57% drop on Dec. 13.
Shares traded on Thursday and plunged more than 25%. Shares dropped 3 cents for a 25.16% loss to $0.094.
