The German electric vehicle developer ElectricBrands has filed for insolvency under self-administration and aims to “completely reorganize the company”. The company, based in Eppertshausen, says it is about to launch its lightweight electric vehicles on the market.
ElectricBrands states that it has filed an application for insolvency under self-administration with the Darmstadt Local Court and is seeking to reorganize the company by taking this step. The court ordered provisional self-administration on 29 January 2024.
According to a company press release, the aim is to completely reorganize the company. 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 insolvency.
Max Brandt, CEO of ElectricBrands AG, is quoted in the company’s press release as follows: “We are moving forward and will be launching a new lightweight vehicle on the market in the coming weeks. Salaries are secured for the coming months, and we are in close contact with our partners and other stakeholders. The transformation to electromobility is a major challenge we face with creative vehicle solutions and a motivated team.”
Brandt was first appointed co-CEO and then Chairman of the Board of Management of the AG at the end of September. Brandt confirmed the start of production of the XBUS model for late 2024 or early 2025 when he took up his post, with the first delivery planned for 2025.
Production is momentarily still planned at the Dutch contract manufacturer VDL Nedcar in Born. The insolvent manufacturer did not specify whether this is still the plan. VDL Nedcar is also closing down its plant steadily because no successor clients have been found after the halt of the Mini contract.
It was at the beginning of 2023 that ElectricBrands first publicized its plans to have its XBUS and Evetta light electric vehicles manufactured by Dutch car manufacturer VDL Nedcar in the future. Production of the XBUS was originally scheduled to start in the summer of 2022, near ElectricBrands’ headquarters in Itzehoe.