Canoo Relocates Headquarters Amid Executive Departures

Canoo is undergoing significant changes as it faces leadership turmoil and operational restructuring, now down to just one co-founder, Christoph Kuttner, following the departure of CTO Sohel Merchant. The company has announced the closure of its Los Angeles headquarters, relocating its operations to Texas and Oklahoma, and offering 137 of its 194 employees the option to move, while others will be laid off. Canoo's pivot towards commercial electric vehicles under CEO Tony Aquila has left it struggling to ramp up production since its SPAC merger in 2020, with ongoing challenges in meeting customer demands. Despite reporting a quarterly revenue of $605,000, the company has faced substantial financial losses, prompting a reorganization aimed at streamlining operations. This shift comes at a precarious time for Canoo, which must now focus on filling its leadership gaps and stabilizing its business in a competitive EV market. The future of Canoo's innovative edge remains uncertain as it navigates these changes.