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Home Technology

All of Canoo’s employees are reportedly on a ‘mandatory unpaid break’

22 December 2024
in Technology
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All of Canoo’s employees are reportedly on a ‘mandatory unpaid break’
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EV startup Canoo recently furloughed dozens of employees without pay and informed the remaining staff of a “mandatory unpaid break” until the end of the year, locking them out of company systems by the end of Friday. The company, facing financial challenges with only $700,000 in the bank last month, announced a reverse stock split and aims to attract more investors. Canoo, founded in 2017, has struggled to sell electric vehicles and has faced executive turnover, raising concerns about its financial viability.

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