Saturday, April 13, 2024

German car brand has gone bankrupt for the second time

The tiny German car brand E.Go has filed for bankruptcy for the second time in its existence. The last time this happened was in April 2020.

Almost exactly four years after the last bankruptcy petition, the small German car brand E.Go is in the same situation.

At the beginning of March this year, the car brand filed for bankruptcy at a German court in Aachen. The car brand has also gone bankrupt for only the second time in its six-year history.

The car brand says so itself in a press release .

Bankruptcy is just the latest in a series of downfalls for E.Go, which was abandoned in 2021 by its founder Günther Schuh. In the same year, however, the company succeeded in obtaining 30 million euros in additional financing.

READ ALSO: European car factory loses 52 million kroner a day

But that was not enough. In any case, the coffers here at the beginning of 2024 are now so gaping empty that E.Go cannot pay its bills and other debt obligations.

The arm movements were otherwise big for the small company, which is both planning drilling listings and employing an additional 1,000 people, so that they could build up to 30,000 cars a year.

Now the future is unknown and the large amount of money may be completely wasted if E.Go does not succeed in getting back on its feet. However, the small car brand is only the latest company in the car industry to be under severe pressure.

In Germany alone, several companies – including the very big ones – are trying to save themselves. Gearbox manufacturer ZF, for example, must find a whopping 44 billion Danish kroner in savings. Read more about that case here .

Read more news from and about the automotive industry right here

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