The Tauranga, New Zealand-based electrical motorbike maker UBCO has entered receivership, marking dim prospects for the mobility firm that had solely just lately introduced a significant partnership with Australia Put up.
The receivership is being dealt with by skilled companies firm Grant Thornton, who’s reported to have introduced the termination of all worker contracts and the suspension of future operations.
Not like conventional chapter, a receivership happens when a third-party receiver is appointed to take management of an organization’s belongings and operations in an effort to recuperate money owed. Whereas chapter usually alerts the tip of an organization’s impartial operations, receivership should still go away room for restoration or a sale to a brand new proprietor.
UBCO is well-known for its 2X2 all-wheel-drive electrical motorbikes, that are widespread amongst riders who cowl each off-road terrain and on-road commuter fashion driving.
The corporate has expanded with a number of completely different fashions, however has remained give attention to such dual-purpose motorbikes, particularly to be used in areas with various terrain.
That was a key piece of the Australia Put up deal, with the postal service down beneath just lately receiving 175 new UBCO DUTY electrical motorbikes for mail supply, each in rural and concrete areas. The rugged electrical two-wheelers now in use by Australia Put up have been praised for excelling at traversing a wide range of terrain, serving to the postal service make deliveries in areas that conventional mail vans both can’t attain or are too massive to make sense.
UBCO will reportedly nonetheless present needed elements by its mum or dad firm, with service of the autos already being dealt with by an outdoor firm.
The information of UBCO monetary troubles comply with a number of different high-profile e-motorcycle maker stumbles. Within the final 12 months, we’ve seen comparable headlines relating to Italian electrical motorbike maker Energica and Swedish electrical motorbike firm CAKE, although the latter is within the technique of attempting to land on its wheels.
Not lengthy earlier than, the e-bike and electrical motorbike firm SONDORS additionally shuttered its doorways.
