THE EV BUBBLE CONTINUES TO DEFLATE: Canoo Inc. Announces Chapter 7 Bankruptcy Filing. “Despite being American-made, successfully delivering to such esteemed organizations as NASA, the Department of Defense (“DOD”), The United States Postal Service (“USPS”), the State of Oklahoma and having agreements with Walmart and others, Canoo has unfortunately been unable to secure financial support from the U.S. Department of Energy’s (“DOE”) Loan Program Office. Recently, the company’s executives were in discussions with foreign sources of capital. In light of the fact that these efforts were unsuccessful, the Board has made the difficult decision to file for insolvency.”

Judging by the press release, the company’s business model was to get government loans to finance the production of EVs for purchase by governments.