EV Startup Canoo To Furlough 23% Factory Workers In Oklahoma City, CFO Departs

EV startup Canoo Inc. GOEV appointed Kunal Bhalla as its Chief Financial Officer on Oct. 31, following the resignation of Greg Ethridge.

What Happened: Bhalla has been with Canoo since late 2020 and served in multiple roles. Before Canoo, he was an investment banker with Rothschild and Co. as a Director of M&A focused on the Mobility Technology sector.

Ethridge’s resignation was not the sole one recently at Canoo. Hector Ruiz, General Counsel and Corporate Secretary of Canoo, also resigned from the startup on Oct. 31. The company subsequently chose Sean Yan as General Counsel.

Canoo also said that it will temporarily reduce its workforce in Oklahoma City by furloughing 23% of its factory workers for a period of twelve weeks. 

Why It Matters: Canoo in September named Justin, Texas as its new company headquarters. The company then said that about 137 engineering positions will relocate from California to Texas and Oklahoma beginning in the fourth quarter of 2024 as part of the headquarters relocation.

Canoo’s finances have recently been under duress. For the three months ending June, Canoo reported a revenue of $605,000 and adjusted net loss per share of $0.61. The company had cash, cash equivalents, and restricted cash of just $19.1 million as of Jun. 30.

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Photo courtesy: Canoo