The Dutch electric city bus specialist is in big financial trouble after noting a €64.7 million loss in the first six months of 2024. The company struggles to build its e-buses on order, causing rifts with its customers, while investors also pull the plug. If more money is not found, the end is likely near.

Ebusco’s problem is not finding customers. The company, which was founded in 2012, actually noted a record number of 1,474 buses on order in 2022, while 2023 also saw a steady stream of orders for its Ebusco 2.2 and 3.0 models, including for De Lijn-subcontractor Multiobus and Dutch public transport company Qbuzz.

Production problems at home and in China

The problem has been building these buses. After facing difficulties getting production up to speed in its Deurne (Netherlands) headquarters, Ebusco decided also to subcontract the assembly of its newest models in China. But there, too, delays are causing trouble, with an estimated production of 50 buses per month only expected by the end of 2025. This year, Ebusco has delivered just 98 buses.

Investment is urgently needed

Meanwhile, customers are demanding compensation for the delays, while a steady revenue stream from maintenance contracts also requires the buses to be delivered.

With a revenue of €38 million (compared to a projected €325 million) and an operational loss of €64.7 million in the first half of 2024, and with just €8 million in the bank, Ebusco now urgently needs to find new investors to keep the company afloat. This comes after a capital round of €59 million just last year.

Ebusco’s investors are also seemingly dropping out. Belgian entrepreneur Marc Coucke, who invested €30 million into the company through his holding company Alychlo in 2021, has seemingly pulled out, as reported by De Tijd. Ebusco’s market cap is now just €73.6 million, under a twentieth of its initial valuation of €1.5 billion at its IPO in 2021.