As of: February 5, 2024, 10:18 a.m
By: Markus Hofstetter
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The electric car developer ElectricBrands is in a deep crisis.
Nevertheless, the XBus is scheduled to be delivered next year.
Darmstadt - The electric car manufacturer Sono Motors recently had to file for bankruptcy.
Now a second German electric car company, ElectricBrands, has been hit.
Electric Brands is the developer and future manufacturer of the XBus electric van and the Evetta small car.
Electric car manufacturer ElectricBrands is insolvent: one reason is increased development costs
“ElectricBrands AG, based in Eppertshausen, has filed an application for self-administration insolvency with the Darmstadt district court,” the company said in a statement.
The application was also approved by the court.
ElektricBrands has postponed the delivery of its XBus several times © ElectricBrands
The subsidiaries ElectricBrands Financial Service GmbH, Evetta GmbH and XBUS GmbH, which together employ 60 people, are also affected by the insolvency proceedings.
The company cited “the recent increase in development costs and the weakening economy” as the reason for the move.
E-car manufacturer ElectricBrands is insolvent: the goal is a complete restructuring
Attorney Tobias Wahl from the Anchor law firm in Mannheim was appointed as the provisional administrator.
According to ElectricBrands, a plan for the future has already been developed together with renovation experts, renovation consultant Paul Abel.
The aim is to completely restructure the company.
Max Brandt, CEO of ElectricBrands AG, is correspondingly positive.
“It's continuing, we'll be bringing a new light vehicle onto the market in the next few weeks.
The salaries are secured for the next few months and we are in close communication with our partners and other stakeholders.” Brandt was only appointed co-CEO and later chairman of the AG at the end of September last year.
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E-car manufacturer ElectricBrands is insolvent: the delivery date of the XBus has been postponed several times
The company, founded in 2018, actually wanted to bring its modular small van XBus onto the market in 2022.
However, the delivery date was initially pushed back to 2023 and then to 2025.
Production is planned by the Dutch contract manufacturer VDL Nedcar.
The electric Isetta clone Evetta will also be produced at VDL Nedcar.
The development of the XBus was also financed through crowdfunding.
More than 1.2 million euros were collected.
Since crowdfunding is usually treated secondary in the event of bankruptcy, the crowdfunders could lose their money if no new investor can be found.