Seven-year-old electric vehicle startup Canoo has filed for Chapter 7 bankruptcy and announced an immediate halt to operations weeks after it furloughed its remaining workers and idled its Oklahoma factory.

Canoo, the electric vehicle startup that once promised to employ thousands of Oklahomans, filed for bankruptcy on Friday.

The startup, founded in 2017 and focusing on electric commercial vehicles, has run out of money, ceasing operations and beginning plans to liquidate its assets.

Canoo was founded in 2017 by two former Faraday Future executives, changing its name from Evelozcity in 2019. That same year, it unveiled its so-called lifestyle vehicle prototype model. It made no revenue in 2022 and almost none in 2023. Development costs kept piling up, with more than $1 billion in loans.

EV startups are dying left and right, with Canoo the latest to file for bankruptcy after struggling to stay afloat in harsh economic conditions

Electric vehicle manufacturer Canoo announced it was filing for bankruptcy Friday. The Oklahoma government was not just a customer but also a de facto investor in Canoo, offering more than $100 million in incentives to bring facilities to the state.

US electric van manufacturer Canoo has become the latest innovative vehicle start-up to file for bankruptcy after failing to secure vital funding. Canoo had inked deals to sell its pod-like electric van to high-profile customers such as the United States Postal Service (USPS),

Seven-year-old electric vehicle startup Canoo has filed for bankruptcy and will "cease operations immediately." The company is liquidating its assets in a Chapter 7 proceeding in the Delaware Bankruptcy Court.

Canoo, which makes pod-shaped electric vehicles, announced Friday that it filed for bankruptcy and ceased operations.

The company had been in talks for the same kind of loan from the Biden administration that Rivian was just awarded, only to be denied at the last moment.