GOEV's story serves as a cautionary tale for other startups navigating the complex and competitive EV industry.

Canoo Inc., an automotive company specializing in motor vehicle parts and accessories, has filed for Chapter 7 bankruptcy, according to a recent 8-K filing with the Securities and Exchange Commission.

Tony Aquila, chairman and CEO, expressed deep disappointment over the Canoo closure after failing to gather sufficient capital.

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Canoo shares are falling after the company furloughed 82 employees and idled its Oklahoma factories while securing capital to address financial challenges.