Written by Cláudio Afonso | LinkedIn | X
Electric vehicle maker Canoo is auctioning two unsold lifestyle delivery vans and two other prototypes, according to the auction firm’s website.
The vehicles listed for auction include Canoo’s delivery vans and a prototype of its electric pickup truck, with starting bids set at $1. The auction is scheduled for February 6, 2025, at 10:00 AM PST.
The company has decided in December to furlough employees for twelve weeks and shut down its Oklahoma factories. Canoo said by then that the latest furloughs impacted both salaried and hourly workers while it tries to secure capital to continue operations.
After missed production targets, no news on several of the partnerships it signed over the last few years, the departure of several executives, and lawsuits from several suppliers, the company faces the toughest moment since its inception.
In his latest interview, the company’s CEO Tony Aquila reaffirmed Canoo‘s goal of “move up production” this year despite admitting that the next four to six months will be “very tough.”
As reported by EV earlier this month, the troubled EV startup led by Tony Aquila will auction engineering and manufacturing equipment on January 24. The list includes 5-axis and 3-axis CNC machining centers, laser cutters, hydraulic presses, clay milling machines, and environmental testing chambers.
In June last year, Canoo said it received the first of two tranches of advanced manufacturing assets from Arrival Automotive UK Limited. The British EV startup filed for bankruptcy protection earlier this year.
A former Canoo employee has recently told EV that the company’s manufacturing partner, Zion, locked the robots on the main production line out of operation last October due to non-payment.
Canoo’s official website has recently been taken offline and now redirects visitors to a third-party-managed investor relations page. The stock of the EV startup jumped 19.70% on Wednesday to $1.58 after having reached a new record low at $1.04 earlier in the week.
When disclosing its third quarter financial results, Canoo reported that cash and cash equivalents stood at $1.5 million as of September 30. Over the first five weeks of this quarter, the Texas-headquartered firm disclosed in a new SEC filing its cash reserves dropped from $1.5 million to $700,000 as of November 6.
Written by Cláudio Afonso | LinkedIn | X
