Electric vehicle startup Canoo has taken drastic measures to stay afloat, furloughing 82 employees and idling its factory in Oklahoma as it struggles to secure emergency funding. The company claims to be in "advanced discussions with various capital sources" to raise the necessary capital to survive, but the move marks a significant setback for the embattled startup.

The announcement comes on the heels of a tumultuous year for Canoo, which has seen multiple rounds of layoffs and furloughs, as well as the departure of key executives, including its chief financial officer, head lawyer, and chief technology officer. The company's founders have also all departed, leaving CEO Tony Aquila to navigate the treacherous landscape. To make matters worse, Canoo is facing multiple lawsuits from suppliers over alleged late payments.

Despite the challenges, Canoo has managed to deliver electric vans to high-profile customers such as NASA, USPS, Walmart, and the Department of Defense for testing. However, the company has failed to ramp up manufacturing for commercial customers, a crucial aspect of its business model. The pause in operations at its Oklahoma facility raises questions about the company's ability to fulfill its commitments and meet the demands of its customers.

In a statement, Canoo expressed regret over the furloughs, particularly during the holiday season, but emphasized that it had no choice given the current circumstances. The company remains hopeful that it will be able to bring its employees back to work soon. CEO Tony Aquila did not respond to a request for comment, fueling speculation about the company's long-term viability.

The news is a stark reminder of the challenges facing electric vehicle startups, which often rely on venture capital and government incentives to stay afloat. Canoo's struggles highlight the need for sustainable business models and robust financial planning in the EV sector. As the industry continues to evolve, it remains to be seen whether Canoo will be able to recover from its current woes and emerge as a viable player in the market.

The fate of Canoo's employees and customers hangs in the balance, as the company navigates the complex and often unforgiving landscape of the electric vehicle industry. One thing is certain: the road ahead will be fraught with challenges, and only time will tell if Canoo has what it takes to survive and thrive in this competitive market.