Calif.-founded EV maker Canoo, once worth $2.4 billion, goes belly-up after moving to Texas
Calif.-founded EV maker Canoo, once worth $2.4 billion, goes belly-up after moving to Texas
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33 comments
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In August, Canoo moved its headquarters from Torrance, Calif., to Justin, Texas — asking 137 of the office’s 194 employees to relocate, while cutting the remaining staff.
Yikes, not great for all those employees that moved their entire lives out to TX just to get laid off. They weren't even working in TX long enough to qualify for unemployment. Hopefully they were getting paid enough to deal with relocation and maybe have enough saved up to get the hell out of TX after this.
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They can still get CA unemployment because they would have worked through eligible periods prior to their moves. I had similar happen when I moved to Louisiana and got laid off. The guy at the unemployment office told me to apply in CA instead because the rate would be higher.
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imagine asking the women you work with, and your colleague's spouses and daughters:
"Hey, let's uproot everything and move to uterightsbannedistan, er, Texas, where a pregnancy complication could easily kill any of you, but the corporation will save LOADS!"
fucking chodes
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I was hoping their truck or lifestyle vehicle would make it to market, but yeah they had a steep hill to climb with all the turmoil surrounding the company, scaling production, and the change in political winds now being essentially hostile to EV manufacturers.
In August, Canoo moved its headquarters from Torrance, Calif., to Justin, Texas — asking 137 of the office’s 194 employees to relocate, while cutting the remaining staff.
Moving wasn't going to save the company so why uproot your employees only to fold 5 months later
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I wonder if Texas has better bankruptcy laws.
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Filing for bankruptcy in Delaware where they were incorporated
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It was probably part of a cost cutting plan too show they were trimming costs in order to get more funding from investors. It clearly didn't work.
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political winds now being essentially hostile to EV manufacturers.
Wonder what musk's got to say about that. Or are the winds hostile against tesla's competition only?
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Writing was on the wall after they lost their Amazon and USPS bids. Their entire model was based on landing fleet contracts.
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Sad. I was rooting for their weird-looking trucks, though they looked more and more like vapor-ware.
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There's a reason why vehicles look the way they do, and why EVs and ICE vehicles look similar, and it's because that's what customers want.
I look very suspiciously at a car company whose product looks radically different from everyone else.
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Does anyone else only remember their dream if they're lucid dreaming, but for some reason, it immediately wakes you up when you realize you're lucid dreaming?
Edit: WRONG POST
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Reality check!
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33 comments
Unlike what the title would suggest, the "moving to Texas" part was basically immaterial to the company's failure.
They never had any product to ship to begin with and were basically subsisting on loans and venture capital money to continue bullshitting with a theoretical product. Add in some dodgy regulatory practices resulting in fines from the Government and questionable business practices. When the funding dried up, they withered like a sponge in the California (or Texas) sun.
Fuck Texas
My takeaway as well! Canoo can go eat a dick, but Texas can go eat a huge dick
perhaps the move to a human-hostile environment such as texas cost them some good employees.
The entire point of my comment was to indicate that this had seemingly little to no impact on the company's success. Even the best employees in the world can't save a company that is shipping no product and run by idiots.
Reading the article, that doesn't seem to have had the slightest impact on this. They tanked because of shitty and sketchy management
It couldn’t have helped, at least.
The person already said it wasn't because of that, no need to "perhaps" by disregarding the effort they went to.