EV startup Canoo files for bankruptcy, to cease operations

(Reuters) – Canoo said on Friday it would file for Chapter 7 bankruptcy and cease operations, effective immediately.

The EV startup has been dealing with rapid cash burn and has struggled to raise additional funding amid uncertain demand for its microbus-inspired cargo vans.

(Reporting by Akash Sriram and Gursimran Kaur in Bengaluru; Editing by Krishna Chandra Eluri)

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