GOEV May 2024 5.000 call

EV startup Canoo posts larger-than-expected loss in first quarter

Slowing demand in the United States and stiff competition from Chinese EV makers in the world's largest auto market has hit demand for companies including Canoo. That has forced several startups to shut shop as investors have also grown cautious, making it difficult to raise more funds. EV startup Fisker had raised going concern doubts in February, followed by the delisting of its stock from the New York Stock exchange and the collapse of talks with a large automaker for a potential deal in March.