In March, French company Courb, with around fifty employees, celebrated delivery of its 100th C-Zen electric car to a customer, although the automaker's sales target was missed.
Cars, equipped with 12.4 kWh battery pack and 15 kW electric motor, can drive for around 120 km (75 miles). Price is below €19,000 including incentives in France.
The company was placed into receivership by the Commercial Court of Lyon.
Investment of €30 million since 2007 was not enough and one of the latest round of trying to raise €10 million through crowdfunding didn't succeed. France also changed the law and limited crowdfunding to €1 million per project, which didn't help Courb.
Without cash infusion, Courb probably is unable to even think about hitting the target of 500 units in 2015 and 1,000 next year.