On the promise of new jobs, Oklahoma officials waived competitive bidding requirements to award electric vehicle startup Canoo a statewide contract to buy up to 1,000 electric vehicles over five years.
What could possibly go wrong?
According to The Verge, plenty.
Canoo, the struggling electric vehicle startup, thinks it’s about to run out of money. In stark terms, the company reports that it only has enough cash to last another quarter and is unsure whether it will be able to stay afloat beyond that.
Oh, that’s lovely. Even the company’s PR hacks can’t spin itself out of this one.
“As of the date of this announcement, we are reporting that there is substantial doubt about the Company’s ability to continue as a going concern,” the company states in its first-quarter earnings report.
And it seemed like such a good company, founded by such good people.
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