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Canoo, struggling EV startup, is trying to stay afloat on government largesse

Canoo’s crew transporter vehicles for NASA
Image: Canoo

When Canoo first unveiled its cool, futuristic-looking electric van back in 2021, a non-zero number of friends reached out to me to ask when they could buy one.

The answer is probably never. Not unless they work for the federal government.

The struggling EV startup has been on the verge of running out of money since last year. Its cash burn remains high, and analysts say it’s at risk for insolvency. Indeed, Canoo’s stock has been trading for less than a dollar, putting it at risk of being delisted from the stock exchange. But despite its financial woes, the federal government is more than happy to continue to do business with the company.

Today, Canoo announced it had successfully delivered three crew transportation vehicles to NASA…

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