Canoo is Music Archiveshaving a very unmerry Christmas. Remaining employees of the beleaguered U.S. electric vehicle startup have been placed on a "mandatory unpaid break" according to TechCrunch, with no view to return for a few weeks at minimum.
While it isn't uncommon for businesses to close around the end of the year, Canoo's decision to put staff on break from Monday is unlikely to be driven by holiday cheer. The company has been plagued by financial problems and furloughs, resorting to borrowing millions from CEO Tony Aquila's private equity firm AFV Management Advisors in order to stay afloat.
SEE ALSO: Canoo unveils electric pickup truck that's way smaller than the Tesla CybertruckAccording to EV, staff were notified of the mandatory break via email last Friday, and told they would receive further updates to their personal email addresses in the first week of January. Employees' access to Canoo's system was apparently suspended by close of business the same day.
"We apologize for the timing of this message," Canoo's email read, as sighted by EV. "Please take this time to have a restful and enjoyable holiday season with your family."
Mashable has reached out to Canoo for comment, though we aren't expecting a reply considering that they're all reportedly on leave.
Last Wednesday Canoo announced it had furloughed 82 employees and was idling its Oklahoma factories, suspending work while attempting to secure the funding needed to continue operating. This followed a 12-week furlough of 30 Oklahoma factory workers which was previously announced in November.
"We regret having to furlough our employees, especially during the holidays, but we have no choice at this point," said Canoo in a brief statement last week. "We are hopeful that we will be able to bring them back to work soon."
This news is likely unsurprising to anyone following the startup's struggles. Several executives have left Canoo in the past few months, including its last remaining co-founder. The company is also facing multiple lawsuits, some of which concern allegations of unpaid bills.
Last month Canoo reported having only $700,000 in cash reserves, its stock sitting at just $0.086 as of writing. The company lost over $300 million in 2023 alone, bringing in a mere $886,000 in revenue — and spending twice as much on Aquila's private jet travel.
Last year, Oklahoma approved up to $100 million in performance-based state incentives for Canoo over the next 10 years. Speaking to News 4 last week, the Oklahoma State Department of Commerce noted that it had only paid Canoo $1 million to date, and that "if necessary, [it] will explore avenues to claw back public dollars."
Canoo isn't the only electric vehicle manufacturer who seems to be ramping down this month. Tesla also temporarily suspended Cybertruck production in early December, telling workers at its factory in Austin not to report for their shifts for three days.
Topics Electric Vehicles
Shop iPad deals during Best Buy's Apple savings event
Cam Newton has apologized for his degrading and sexist comment toward women
Friends don't let friends go apple picking
Han Solo movie 'almost' done shooting, has 'premature' wrap party anyway
Miami Heat vs. Brooklyn Nets 2025 livestream: Watch NBA online
New York Comic Con 2017: Cosplayers bring the fire
Smartphones are more interesting now than they've been in years
Why teenage boys don't want to call themselves feminists
NYT Connections Sports Edition hints and answers for December 8: Tips to solve Connections #76
Photographer dangles models off a 30
Thirteen Steam Features You Probably Don't Know About
Seagate unveils world's largest and fastest 12TB 3.5
Bauer Media appeals against Rebel Wilson's $3.6 million defamation payout
Tesla delays semi truck debut to focus on Puerto Rico aid and Model 3
Google 'Ask for me:' AI that calls businesses on your behalf for pricing and availability
Meryl Streep weighs in on Harvey Weinstein
Trump marks one
Cam Newton has apologized for his degrading and sexist comment toward women
Should You Buy a Sound Card? An Enthusiast's Perspective
'The Walking Dead' will finally cross over with 'Fear,' says Robert Kirkman
Best deals of the day Dec. 15: HP Envy x360 2The Origins of Hunter S. Thompson’s Loathing and FearXbox just revealed a new controller you can eat.8 Best Bose Black Friday deals: QuietComfort Earbuds II and moreYouTubers face penalties if they use generative AI — unless they comply with this new ruleChatGPT: Twitter can't stop asking the AI chatbot questionsInside the Issue: Behind “No Home Go Home / Go Home No Home”Some People Fetishize Librarians; I Fetishize Card CatalogsSolomon D. Butcher’s Photographs Celebrate the PioneerXbox just revealed a new controller you can eat.Xbox just revealed a new controller you can eat.2022's weirdest, wildest internet moments you might have forgotten about'Scott Pilgrim Takes Off' has an intro you must not skipBest Apple deal: The Apple Magic Keyboard for the iPad Pro 11best audiobook eva?: Lorin Stein Answers Your QuestionsBest deals of the day Dec. 15: HP Envy x360 2Dragons and Deprivation: Gabe Hudson and Akhil Sharma in Conversation50+ best Black Friday monitor deals: Save up to $800Staff Picks: Renee Gladman, Carol Rama, and Ocean MythologyThe Origins of Hunter S. Thompson’s Loathing and Fear Arthur Miller on The Crucible by Sadie Stein “A Reverse Fahrenheit 451,” and Other News by Sadie Stein The NYRB Fiftieth Anniversary Kickoff, in Tweets by Sadie Stein The Man in Black, and Other News by Sadie Stein Is Scotch Tape Scottish? by Sadie Stein “Wait While I Get the Feeling ...” by Sadie Stein O Tempora! And Other News by Sadie Stein B is for Bookseller by Sadie Stein Cake and Pie, and Other News by Sadie Stein Going Soft by Nathan Deuel Chatterley Sex Advice, and Other News by Sadie Stein Read Your Flowers by Sadie Stein The Gift of Hunger by Sadie Stein A Week in Culture: Claire Cottrell, Art Book Shop Owner and Editor by Claire Cottrell Caveat Emptor by Jason Novak Bovary and the City by Sadie Stein Didactic Seuss, and Other News by Sadie Stein Crying While Reading by Sadie Stein Brotherly Love by Sadie Stein Second Chances by Tupelo Hassman
1.6837s , 8231.3046875 kb
Copyright © 2025 Powered by 【Music Archives】,Pursuit Information Network