ElectricBrands files for insolvency under self-administration

The German electric vehicle developer ElectricBrands has filed for insolvency under self-administration - and is aiming to "completely reorganise the company" with this step. The company, based in Eppertshausen, says it is about to launch its lightweight electric vehicles on the market. (Update at the end of the article)

Image: ElectricBrands

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)

15 Comments

about „ElectricBrands files for insolvency under self-administration“
Ralph
14.03.2024 um 11:35
Doesn't help that electric micro-cars don't receive any subsidies (EV tax credits) to my knowledge. Buy an electric BMW SUV, and you can count on thousands of euros cash back.
Frederic MINNE
27.04.2024 um 11:52
You’re damned right ! :-(
JohnH
15.04.2024 um 09:28
Xbus recently had an entire edition of the BBC's The Apprentice devoted to launching the vehicle, quite a marketing coup which looks now forlorn.
cindy chan
16.04.2024 um 12:47
How can i get my deposit back? Lots of us paid for a deposit
cindy chan
16.04.2024 um 13:10
i only found out now after receiving insolvency letters. guess all that paid a deposit won't get the money back!
Michiel Brumsen
18.05.2024 um 13:00
I haven't even received ANY communication from them. Ever since I paid a visit to Eppertshausen I haven't really trusted them. Bye bye deposit. Thieves.
Tom H
17.04.2024 um 11:40
What a shame! It looked like an awesome bit of kit, was looking forward to seeing them on the road.
Ian Vowles
29.04.2024 um 12:50
All the marketing and promises were happily in English starting in 2021 , now they are bankrupt and the letters from the court all in German which is not helpful. It looks like 2300 odd euros lost . Original looked good prospect to me for local run around in countryside of Spain , so much for EU customer protections , seems our deposits are not protected :-(.
Michiel Brumsen
18.05.2024 um 13:07
I never even received any bankruptcy letters.
Sascha
09.07.2024 um 21:39
I have also not received any information and the web domain www.electricbrands.de is out of the air so there is also no response to any e-mail. Does anyone know how to get in touch with the Vorstand or the representative dealing with the insolvency? During the presentations in Eppertshausen it was shown that the deposits were kept in a separate and protected legal entity, so there should be a way to get the deposits back.
Gareth
19.05.2024 um 11:22
I went to see prototype XBUS models in London last year. It was an impressive, exciting vehicle. My partner really want to put down a deposit thre and then. The manufacturing plans were sketchy though, delivery dates vague and we held off ... that we were so lucky gives me no joy. Disappointed and sad for people who will probably lose theiur deposits :(
john mathieson
06.06.2024 um 19:53
Sad to hear
Fernando Pisco
05.09.2024 um 15:57
How can i get my deposit back? Lots of us paid for a deposit.
Tony Mallon
19.10.2024 um 14:20
Am I right in thinking the electric motors were in the wheels? The Chinese gave up on this idea a decade ago on one of their projects,saying they couldn't hold out to replacing brakes!
James Toronto
26.10.2024 um 10:02
I smell a rat here. This vehicle had ALL the makings of a successful unit. Flexible, low-cost and NOT Chinese... I think SOME competing entity (Elon?) has done something to leverage them out of existence...people should literally get together and buyout the company from its insolvency...and move forward with it. Aside from the motors in the wheels (dumb) the rest of it is very sharply designed. I hope to see some rejuvenation in the brand, at some point. Like I said - I smell a perfidious rat somewhere.

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