ElectricBrands files for insolvency under self-administration

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 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 that we are facing 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 planned at the Dutch contract manufacturer VDL Nedcar in Born. The insolvent manufacturer did not specify whether this is still the plan.

At the beginning of 2023, ElectricBrands first publicised 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 summer 2022 – at ElectricBrands in Itzehoe.

Update 12 April 2024

The long-announced XBus and the Evetta light electric vehicle will probably never come to the market. A few weeks after ElectricBrands filed for insolvency in self-administration, it is becoming clear that the company and its plans probably have no future. That is at least according to the German Portal Elektroauto News.

The reason is a bizarre patent dispute with another German company called TYN-e. Despite the declared insolvency in self-administration, Electric Brands said that its smaller XBus S would launched as an electric van. It was not to be produced in-house, but in China by contract manufacturer Shandong Horche Intelligent Automobile, with whom, according to ElectricBrands, the L7e model was also developed – based on an existing model.

This model is apparently the TX2 from TYN-e. This is also manufactured by Shandong. At a press event at the TYN-e site, Liu Chuanfu, President of Shandong Horche Intelligent Automobile, “made it clear” that Shandong is working exclusively with TYN-e in Europe – and not with ElectricBrands, according to the report.

electricbrands.de, elektroauto-news.net (update; in German)