As of: March 11, 2024, 10:13 a.m
By: Markus Hofstetter
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The bad news about German electric car manufacturers continues.
Now the third company has filed for bankruptcy within a short period of time.
Aachen - The Aachen electric car manufacturer e.Go filed an application to open insolvency proceedings at the Aachen district court on Friday (March 8).
This emerges from a statement from the company on the same day.
e.Go justified this step with the latest developments and challenges in the electric car industry as well as the volatile capital markets.
E-car manufacturer e.Go files for bankruptcy: One reason is the uncertainty in the electric vehicle industry
The hoped-for equity-based financing instruments could not be used to the extent and speed expected, according to the statement.
In addition, alternative financing options were difficult to implement due to the current market situation and the uncertainty in the electric vehicle industry.
In a mandatory notification to the US stock exchange, the company also announced that short-term insolvency was also to be expected at other group companies, including the NASDAQ-listed Dutch parent company Next.e.GO NV.
E-car manufacturer e.Go files for bankruptcy: E-mobility should become practical and affordable
e.GO was already insolvent in 2020.
At that time, a Dutch investor saved the company.
The electric car manufacturer was founded in 2015 by Günther Schuh, who is also involved in the street scooter, from the Rheinisch-Westfälische Technische Hochschule (RWTH) Aachen.
Production of the e.Go Life was discontinued in 2022 © e.go
The first model, e.Go Life, was intended to make electromobility practical and affordable.
It should be an affordable alternative to expensive electric cars like Tesla.
The vehicle was presented as a prototype in 2016 and was mass produced from 2019 to 2022.
However, according to the Aachener Zeitung,
only around 1,350 vehicles had been sold until the company's second bankruptcy in March 2024
.
E-car manufacturer e.Go files for bankruptcy: employees were put on short-time work
There were high hopes for the e.Go Life successor, e.wave
But delays in EU type approval have apparently led to financial problems again.
According to information from the
Aachener Zeitung,
short-time work was introduced in production some time ago, which was then expanded to other areas.
In total, the company employs around 320 people.
The court appointed Claus-Peter Kruth from the law firm AndresPartner as the provisional insolvency administrator.
He intends to continue the ongoing investor discussions and negotiations to find solutions for the company's continued existence.
“Against the background of the highly innovative product and production concept, I am optimistic that we could succeed in this,” says Kruth.
Crisis among German electric car manufacturers: ElectricBrands and Sono Motors are also bankrupt
e.Go is already the third German electric car manufacturer to be insolvent.
It was only at the beginning of February that ElectricBrands, an electric car manufacturer, was caught, which produces the XBus electric transporter and the Evetta small car.
In the middle of last year, Sono Motors from Munich had to file for bankruptcy.