Canoo's Troubles Deepen: All Employees on Unpaid Leave as EV Startup Faces Impending Collapse
Canoo faces deepening crisis with all employees on unpaid leave as EV startup struggles to secure funding.
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Canoo's Troubles Deepen: All Employees on Unpaid Leave as EV Startup Faces Impending Collapse
The struggles of Canoo, the electric vehicle startup, have taken a dramatic turn. Following the recent furlough of a significant portion of its workforce without pay, the company has now placed all remaining employees on a "mandatory unpaid break" until at least the end of the year. This development, reported by TechCrunch, signals a deepening crisis for the embattled EV manufacturer. A Precipitous Decline: The company informed its employees via email that they would be locked out of Canoo's systems by the end of Friday, December 21st, while their benefits would continue through the end of the month. This move comes on the heels of the company's decision to idle its Oklahoma factories and furlough a portion of its workforce last week. Canoo attributed these drastic measures to its efforts to "finalize securing the capital necessary to move forward with its operations." Financial woes have been a persistent challenge for Canoo. Last month, the company reported …
