Canoo Sues Chinese Investor For $61 Million As It Struggles To Stay Alive | Carscoops carscoops
nearly doubled late last year it dropped back down to less than half of its value at the start of 2022.
The company said in recent earnings filings that it lost some $125 million over the first few months of 2022 and has just $104.9 million in cash or cash equivalents on hand as of March 31, 2022. That same earnings report had some pretty damning language about the viability of the company itself too, stating that “There is substantial doubt about the Company’s ability to continue as a going concern.
At the same time, Canoo says that it does have enough capital, some $600 million, to begin production which was planned for this year. Initially, it had planned to build somewhere between 3,000 and 6,000 vehicles this year. From what these reports sound like it would seem as though they need to get started as quickly as possible to alleviate concerns about its future.
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