Electric-Vehicle Company Canoo Furloughs More Workers in Texas

Dow Jones12-14

By Stephen Nakrosis

Electric-vehicle company Canoo said it was furloughing 10 employees at its facility in Justin, Texas, bringing the non-essential employees furloughed there to 50 over the last 90 days.

The company said Friday the furloughs are part of its effort to reduce costs and conserve cash while focusing on core operations.

In November, the company said it would reduce its workforce in Oklahoma City by furloughing 23% of its factory workers for a period of 12 weeks, part of a broader realignment of its North American operations.

In its Form-10Q quarterly report, filed on Nov. 14, the company said it will need to raise substantial additional capital to fund operations through the end of 2024.

Also on Friday, the company said James Chen will resign from the board effective Dec. 31.

Write to Stephen Nakrosis at stephen.nakrosis@wsj.com

(END) Dow Jones Newswires

December 13, 2024 17:43 ET (22:43 GMT)

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