ELMSQ - Canoo cuts staff amid liquidity issues looming production deadlines

Electric vehicle startup Canoo Inc. ( NASDAQ: GOEV ) cut its staff by over 6% on Friday, according to Insider.

The outlet reported that the company has let 58 employees go in the first six months of 2022, but added that 300 employees have been added over the same period. With production of the Canoo Lifestyle Vehicle planned for the back half of the year and recently disclosed doubts about the company’s ability to continue to operate as a going concern , uncertainty is said to be rising over job security.

Indeed, the company began to bleed talent in February as a number of key executives made their way to the exit. The bankruptcy of peer Electric Last Mile Solutions ( OTC:ELMSQ ) in recent weeks has only added to that anxiety.

Despite the downbeat news, shares of the electric vehicle startup rose nearly 3% on Friday. Still, shares remain down over 75% since the start of 2022 and trend over 90% off its late 2020 peak.

Read more on recent rallies across more mature EV companies .

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