What Happened to Canoo?

Canoo was led by Tony Aquila, a brash executive who promised to revolutionize EVs with a skateboard-style modular platform. The company merged with Hennessy Capital Investment Corp IV in December 2020, becoming the latest in a wave of EV SPACs.

The original plan was innovative: a subscription-based model where customers would pay monthly for access to Canoo's lifestyle vehicles. The quirky, pod-like design attracted attention. But after going public, Aquila scrapped the subscription model entirely, pivoting to traditional sales and commercial fleet vehicles.

Canoo announced a high-profile deal with Walmart for 4,500 delivery vehicles in July 2022, sending the stock briefly higher. But the company struggled to begin production at its Oklahoma factory. Repeated delays, leadership turnover (Canoo burned through multiple C-suite executives), and an SEC investigation into its business practices created constant turmoil.

The company projected $1.8 billion in revenue by 2024. The actual number was zero. Despite building a factory in Oklahoma and receiving state incentives, Canoo never manufactured vehicles at commercial scale. By January 2025, with virtually no cash remaining, Canoo ceased operations and filed for bankruptcy. The Walmart deal was never fulfilled.