Move About has been running at a loss ever since it was founded in 2007. 18 years later, the energy company Q8 has closed the party in bankruptcy.
Electric car company Move About, which has experienced economic headwinds for 18 years, has now been declared bankrupt, according to information from Swedish credit report Kreditrapporten .
The company, which attempted to establish itself as a significant player in the Scandinavian market for electric car sharing, has never been able to create a sustainable economy.
The bankruptcy also marks the end of a long period of economic hardship.
Move About was founded in Norway in 2007, and the following year the company expanded to Sweden, where it established a fleet of around 100 cars.
But even then, it was lagging behind in making money. The company was experiencing constant losses and was trying to find alternative solutions.
Goes bankrupt after 18 years of losses
Olof Jonasson, former CEO of Move About, took over responsibility for restructuring and winding up the subsidiaries. According to Jonasson, the subsidiaries were successfully wound up so that they could be sold off.
Move About established itself throughout Scandinavia with the goal of expanding to Germany. Despite the expansion plans, the company continued to experience financial losses. Every year the company lost several million kroner.
The economic difficulties were exacerbated by the pandemic and the difficult conditions in the stock market for smaller companies.
Jonasson believed that the corona years have only made things worse for the company.
Move About also had major problems attracting private customers. The majority of customers were companies or authorities. The income was not sufficient to create a solid economy.
"The core business was many corporate and municipal pools, they bought the service, and it provided a basic income, which is actually good. But it was difficult to achieve profitability in the company," says Olof Jonasson.
Jonasson's primary task was to wind down Move About's various branches. After the Norwegian branch was closed, the energy company OKQ8 took over the Swedish branch in 2023.
– OKQ8 bought the company in 2023. But they didn't buy the name. The most important thing was that all personnel and operations were done in the company, says Olof Jonasson.
The city court has now declared the company bankrupt and appointed a trustee. According to Jonasson, the trustee's work will be limited as the company has not been active.
Furthermore, there is almost no debt left.
The bankruptcy is due to a lack of financial resources to cover the costs of a liquidation. Move About consisted mainly of the equipment and personnel that were taken over by OKQ8.
– There was almost no debt in the company, but no assets either, so it is being transferred to the high court to file for bankruptcy. J
"I don't really see it as that dramatic, but just a normal measure, since the company no longer exists," Olof Jonasson explains to Carup.
The company's activities will be continued by OKQ8.
"When they bought us, they took over the business, but not the company name. Now it works within OKQ8's operations," concludes Olof Jonasson.
