Canoo

Electric vehicle startup Canoo has initiated another substantial round of layoffs, terminating more than 20 employees in early December 2024. This follows a recent relocation of staff from California to Texas and comes as the company faces severe financial distress, with its stock down 99% and bankruptcy concerns looming. The layoffs have severely impacted key operational teams, including nearly the entire service department and the paint team. Earlier in November, Canoo had already furloughed 23% of its factory workforce in Oklahoma for 12 weeks. These cuts reflect the intense challenges within the competitive EV industry as the struggling startup, which employs around 300 people, attempts to restructure and conserve cash.

Electric-vehicle startup Canoo has laid off 58 employees this year, representing about 6% of its roughly 940-person workforce, as it approaches its vehicle production deadline. The cuts, confirmed by the company, affected departments such as talent acquisition, marketing, and engineering, with the company stating it's a strategic move to reallocate resources toward manufacturing and production roles. Amid relocating its headquarters to Arkansas and aiming to start production of its lifestyle vehicles this year, Canoo faces uncertainty, with potential delays in its Arkansas and Oklahoma production timelines and ongoing hiring efforts despite the layoffs.