Canoo

About Canoo

Canoo, another EV SPAC, faced collapse in 2024. The company went public via SPAC in 2020 at a 2.4 billion valuation. Canoo promised innovative skateboard platform technology. Walmart, Hyundai, and NASA placed orders. However, Canoo produced very few vehicles. The company repeatedly raised going concern doubts. CEO Tony Aquila invested personal funds. Despite approximately 1 billion in losses, Canoo produced fewer than 100 vehicles. The company filed for bankruptcy in January 2025. The case adds to the pattern of EV startup failures after the SPAC boom of 2020 to 2021. The wave of EV startup bankruptcies including Nikola, Lordstown, Fisker, Arrival, and Canoo demonstrated the risks of going public before achieving production at scale.