Electric vehicle startup Canoo has filed for bankruptcy and will "cease operations immediately," marking a sudden and unexpected end to the company's seven-year journey. The news comes as a shock to the EV industry, which has seen a surge in investment and innovation in recent years.

According to a press release published late Friday, Canoo was "in discussions with foreign sources of capital" that ultimately proved unsuccessful. The company also cited its inability to secure funding from the U.S. Department of Energy's Loan Program Office, which has been actively lending to EV startups in the waning days of the Biden administration. Despite its efforts, Canoo was unable to secure the necessary funding to keep its operations afloat.

The bankruptcy filing is the latest in a series of setbacks for Canoo, which has struggled to gain traction in the competitive EV market. In recent weeks, the company furloughed its remaining workers and idled its factory in Oklahoma, a move that seemed to foreshadow the company's eventual demise. Canoo's struggles were further compounded by numerous executive departures and its inability to deliver more than a few of its electric vans to prospective customers.

As of mid-November, Canoo had a mere $700,000 in the bank, a paltry sum that underscored the company's precarious financial situation. The company's bankruptcy filing marks a stark contrast to its ambitious plans to revolutionize the EV industry, which once seemed promising but ultimately proved unsustainable.

The implications of Canoo's bankruptcy are far-reaching, with potential ripple effects on the broader EV industry. The news may serve as a cautionary tale for other EV startups, highlighting the importance of securing stable funding and navigating the complex regulatory landscape. As the industry continues to evolve, it remains to be seen how Canoo's demise will impact the competitive landscape and the future of electric vehicles.

For now, the fate of Canoo's assets and intellectual property remains uncertain, as the company undergoes a Chapter 7 liquidation process in the Delaware Bankruptcy Court. As the story continues to unfold, one thing is clear: the electric vehicle industry has lost a promising player, and the consequences of Canoo's bankruptcy will be felt for years to come.

This story is developing, and we will continue to provide updates as more information becomes available.