Another American electric vehicle (EV) startup, Canoo, has filed for Chapter 7 bankruptcy and ceased operations effective immediately following months of unsuccessful attempts to secure additional funding. The startup, known for its microbus-inspired cargo vans, has been grappling with rapid cash burn and an uncertain demand for its vehicles. Despite having secured contracts with high-profile clients like NASA and the U.S. Army, Canoo could not navigate through its financial woes. The company's failure to obtain support from the U.S. Department of Energy's Loan Programs Office or from foreign investors led to this dire outcome. With assets listed at $126 million against liabilities of over $164 million, Canoo's fate was sealed, joining a series of EV startups like Fisker, Lordstown Motors, and Arrival that faced similar financial distress. This bankruptcy filing underscores the volatile nature of the EV startup market, where innovation meets the harsh reality of financial sustainability.