Canoo implements employee leave program, faces growth challenges

Canoo recently announced that in response to adjustments to its North American operations, it will temporarily reduce its workforce in Oklahoma City by 23%, while giving factory workers a 12-week leave. The move is seen as part of the company's preparations for its next phase of growth. However, Canoo currently faces considerable challenges, with vehicle sales of only 22 units in 2023 and cash reserves of approximately $4.5 million. Despite cooperation with multiple government departments, the company's stock price has fallen from a high of $400 in December 2020 to $0.40 now.