Canoo Furloughs More Workers, Idles Oklahoma Factories

Dow Jones12-19

By Stephen Nakrosis

Electric vehicle company Canoo on Wednesday said it has furloughed 82 employees as it works to secure the capital needed to move forward with its operations.

Canoo also said it is idling its factories in Oklahoma.

Earlier this month, the company said 10 workers in Texas were being furloughed.

The latest round of furloughs affects both salaried and hourly workers, the company said, adding, "We regret having to furlough our employees, especially during the holidays, but we have no choice at this point. We are hopeful that we will be able to bring them back to work soon."

The maker of electric cargo vehicles said last month that it will need to raise substantial additional capital to fund operations through the end of 2024 and beyond, per a filing with the Securities and Exchange Commission.

The company's shares, which lost about 98% year to date, closed Wednesday at 13 cents.

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

(END) Dow Jones Newswires

December 18, 2024 16:54 ET (21:54 GMT)

Copyright (c) 2024 Dow Jones & Company, Inc.

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