First signs of the negative consequences that the lack of boom in electric car sales is causing on the automotive world.
Saietta, the well-known British company that develops and produces electric motors, has entered administration after experiencing liquidity problems.
As stated in a statement released by the board of directors of Saietta Group Plc, and addressed to the London Stock Exchange (where it is listed), it was decided "to conduct a formal review of the company's strategic options".
"Although the cash flow model shows positive cash balances up to the end of March, the Company's directors are increasingly aware that some contractual receipts may not be received by that date. Without further funding the Company will no longer be able to operate in a solvent manner".
Saietta, which is based in Silverstone, has built axial flux traction motors aimed at light electric vehicles, including motorcycles and three-wheelers.
It was due to close a deal for the contract manufacturing of electric steering pumps earlier this year.
But the program, which concerned its Sunderland plant, did not materialize and the administrators - to overcome the financial difficulties - had announced that they were willing to put Saietta up for sale.
However, as of March 4, no offers of a sufficient amount to overcome the crisis had been received.
And now the step of receivership was inevitable.
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