David Bridges
This week, EV startup Canoo made a significant announcement that has impacted its workforce. In a communication sent via email to its remaining employees, Canoo declared that they would be placed on a mandatory unpaid break. Consequently, these employees will be locked out of the company’s systems by the end of the day Friday. Reports indicate that this break is expected to last at least until the end of the year. This decision follows Canoo’s announcement earlier this week about idling its factories in Oklahoma as the company works diligently to secure the necessary capital to continue its operations and advance its electric vehicle production plans.
Canoo has faced numerous challenges over the past year, including various operational hurdles and the exit of several key executives from the company. Just this fall, Canoo had to make the difficult decision to furlough around 30 employees, highlighting the ongoing struggles within the organization. In their recent announcement, Canoo emphasized that it is currently in advanced discussions with multiple capital sources to secure funding. In a statement regarding the recent workforce reductions, Canoo expressed regret for having to furlough its employees, particularly during the holiday season, stating, “We have no choice at this point. We are hopeful that we will be able to bring them back to work soon.”
Daniel Mercer
Brandon Fletcher
