Unlike what the title would suggest, the “moving to Texas” part was basically immaterial to the company’s failure.
They never had any product to ship to begin with and were basically subsisting on loans and venture capital money to continue bullshitting with a theoretical product. Add in some dodgy regulatory practices resulting in fines from the Government and questionable business practices. When the funding dried up, they withered like a sponge in the California (or Texas) sun.
Fuck Texas
My takeaway as well! Canoo can go eat a dick, but Texas can go eat a huge dick
I was hoping their truck or lifestyle vehicle would make it to market, but yeah they had a steep hill to climb with all the turmoil surrounding the company, scaling production, and the change in political winds now being essentially hostile to EV manufacturers.
In August, Canoo moved its headquarters from Torrance, Calif., to Justin, Texas — asking 137 of the office’s 194 employees to relocate, while cutting the remaining staff.
Moving wasn’t going to save the company so why uproot your employees only to fold 5 months later
It was probably part of a cost cutting plan too show they were trimming costs in order to get more funding from investors. It clearly didn’t work.
I wonder if Texas has better bankruptcy laws.
Filing for bankruptcy in Delaware where they were incorporated
political winds now being essentially hostile to EV manufacturers.
Wonder what musk’s got to say about that. Or are the winds hostile against tesla’s competition only?
Does anyone else only remember their dream if they’re lucid dreaming, but for some reason, it immediately wakes you up when you realize you’re lucid dreaming?
Edit: WRONG POST
