According to the latest information, an Electric vehicle startup Canoo posted a larger-than-expected loss for the first quarter. Slowing demand in the United States and stiff competition from Chinese EV makers in the world's largest auto market has hit demand for companies including Canoo.
Electric vehicle startup Canoo announces first-quarter earnings
The company may face issues with the fund. EV startup Fisker had raised going concern doubts in February, followed by the delisting of its stock from the New York Stock exchange and the collapse of talks with a large automaker for a potential deal in March.
Canoo's net loss widened to $110.7 million for the quarter ended March 31 from $90.7 million in the year-ago quarter. Analysts, on average, had expected a loss of $55.2 million, according to LSEG data.
