ElectricBrands states that it has filed an application for insolvency under self-administration with the Darmstadt Local Court and is seeking to reorganise the company by taking this step. The court ordered provisional self-administration on 29 January 2024. The aim is to completely reorganise the company, according to a company press release. In addition, The affiliated companies ElectricBrands Financial Service GmbH, Evetta GmbH and XBUS GmbH will be included in the restructuring process.
ElectricBrands has been developing electrically powered light vehicles since 2018 and, according to the company, is close to market launch. The company cites the recent rise in development costs and the weakening economy as the reason for its insolven…
Read the full article at: https://www.electrive.com/2024/02/02/electricbrands-files-for-insolvency-under-self-administration/