Vectrix Files For Chapter 7 Bankruptcy – Is This The End?
The New Bedford, Massachusetts-based company Vectrix was on the road to bankruptcy for months now and finally it made it to the end of that road.
Chapter 7 for liquidation was filled at the end of March and this is probably the end of the electric scooter company and another failure of marriage between a battery manufacturer (this time it was Gold Peak Batteries) and an EV manufacturer.
“In documents filed with the U.S. Bankruptcy Court, the company listed its assets as being between $1 million and $10 million and its estimated liabilities as between $10 million to $50 million.”
Vectrix has struggled for sometime now as other electric motorcycle manufacturers have come to play. Electric scooters, at least in the US, just don’t have the same draw as do electric motorcycles. High prices on Vectrix scooters likely made the jump over to electric motorcycles even more attractive for potential electric two-wheel buyers.
Source: American City Business Journals