Vectrix files for bankruptcy
The lights go outDespite plans to develop a new electric superbike in addition to its electric maxi scooter, the VX-1, Vectrix filed for bankruptcy last month.
The electric vehicle manufacturer had yet to turn a profit, and indicated that its products such as the VX-1 scooter were not to blame.
The president of Vectrix, Michael J. Boyle, told US newspaper The Providence Journal: "The acceptance of the vehicle in the market has been terrific. What really put the challenge to us was when the financial markets went upside-down.
"Our basic growth pattern was built around acquiring dealers. When the financial markets totally dried up as soon as the financial crisis hit October and November (2008), we couldn't continue our dealer development program.”
While the company has filed for bankruptcy it doesn't necessarily spell the end of the road. Vectrix still has obligations to honour warranties, according to Vectrix Australia's Charles Mann.
"It's a tough situation. We've got government fleets, warranties and technical support to consider,” Mann was quoted as telling Australian Motorcycle News. “We can turn leftover vehicles into rentals but you can’t just shut the doors. Ultimately I don’t know what's going to happen."
Vectrix once employed roughly 200 workers and had about 225 dealers worldwide.
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