Delivery Risk: Company filed Chapter 7 bankruptcy Jan 2025

Prototype Status: Had production-ready vehicles, factory now idle

Funding: Bankrupt. <$50K cash. $164M in liabilities. (GOEV delisted)

⚠️ Timeline Alert: Canoo filed for Chapter 7 bankruptcy on January 17, 2025, ceasing all operations. The company had less than $50,000 in cash remaining against $164M+ in liabilities. CEO Tony Aquila attempted to buy the assets in bankruptcy proceedings.

Key Specifications

Range

200 miles

Price

$34,750

Length

184 inches

Cargo Capacity

500 cubic feet

Vehicles Delivered

~22 total

Total Raised

$1B+

Cash at Bankruptcy

<$50,000

Perfect For / Not Great For

Ideal Use Cases

Case Study

★★★★★ A textbook example of EV startup failure despite big-name partnerships and $1B+ in funding

Not Recommended For

Everything

☆☆☆☆☆ Company is bankrupt. Cannot purchase, service, or support vehicles.

Company Health & Production Status

Production Progress: BANKRUPT. Filed Chapter 7 on January 17, 2025. Factory in Oklahoma idled. All operations ceased. Only ~22 vehicles were ever delivered despite raising over $1 billion.

Overall Progress: 0% - Chapter 7 Bankruptcy. Game over.

Metric	Status	Risk Level
Company Status	❌ Chapter 7 Bankruptcy (Jan 2025)	🔴 Dead
Factory	❌ Oklahoma factory idled (Dec 2024)	🔴 Dead
Finances	❌ <$50K cash, $164M liabilities	🔴 Dead
Total Deliveries	❌ ~22 vehicles ever delivered	🔴 Dead

Pricing Breakdown

Trim	Price
LDV Base	$34,750 (no longer available)

Note: Company is bankrupt. Vehicles are no longer available for purchase.

The Reality Check

What's Going Right:

Had a genuinely innovative skateboard platform design
Secured partnerships with NASA (Artemis), Walmart (4,500 units), USPS, and DoD
Actually built and delivered some vehicles (~22)
Unique commercial-focused approach in a consumer-obsessed market

Red Flags:

Burned through $1B+ in funding and went bankrupt with <$50K in cash
Only delivered ~22 vehicles despite years of development
CEO Tony Aquila attempted to buy company assets in bankruptcy — conflict of interest concerns
Failed to secure DOE Loan Program Office funding
Oklahoma factory idled and workers furloughed Dec 2024
GOEV stock delisted after bankruptcy
Walmart 4,500-unit order never fulfilled
Multiple leadership changes and strategic pivots

Timeline & Milestones

2025-03

CEO Attempts Asset Purchase
CEO Tony Aquila attempts to buy Canoo's bankrupt assets. Faces objections from creditors over insider sale concerns.

2025-01

Chapter 7 Bankruptcy Filed
Canoo files for Chapter 7 bankruptcy and ceases all operations immediately. Less than $50,000 in cash remaining. $164M+ in liabilities. All employees terminated.

2024-12

Factory Idled, Workers Furloughed
Canoo furloughs remaining 82 employees in Oklahoma and idles its factory. Claims to be in 'advanced discussions' for emergency funding.

2023-11

First Deliveries (~22 vehicles)
Canoo delivers its first EVs to commercial customers. Reports $886K in revenue for 2023 from approximately 22 vehicles delivered.

2022-07

Walmart Orders 4,500 Vehicles
Walmart signs agreement to purchase 4,500 LDVs with option for up to 10,000. Order was never fulfilled.

2022-04

NASA Artemis Contract
NASA selects Canoo to supply crew transportation vehicles for its Artemis moon program.

2021-06

Oklahoma Factory Announced
Canoo announces plans to build a factory in Pryor, Oklahoma. Tony Aquila replaces co-founder Ulrich Kranz as CEO.

2020-12

SPAC Merger Completes — $2.4B Valuation
Canoo completes SPAC merger with Hennessy Capital Acquisition Corp IV. Raises ~$600M. Listed on NASDAQ as GOEV.

2017

Company Founded as Evelozcity
Founded by Stefan Krause and Ulrich Kranz (both ex-Faraday Future). Rebranded to Canoo in 2019.

🔮 Bottom Line

Canoo is the cautionary tale of the EV startup era. Despite raising over $1 billion, landing deals with NASA, Walmart, USPS, and the Department of Defense, and successfully going public via SPAC at a $2.4B valuation, the company managed to deliver only about 22 vehicles before going bankrupt with less than $50,000 in cash.

The story is a stark reminder that partnerships, hype, and funding don't guarantee execution. Multiple leadership changes, strategic pivots, factory delays, and an inability to secure DOE loan backing all contributed to the downfall. CEO Tony Aquila's attempt to buy the company's assets in bankruptcy added an uncomfortable final chapter.

Our Recommendation: There is nothing to recommend here. Canoo is dead. But it serves as an essential reference point for evaluating every other startup on this tracker. When a company raises $1B+ and still fails, it should give pause about anyone claiming they can build cars with far less.

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