EV Producer Declares Bankruptcy, Ceases UK Production
Green Automotive Company will discontinue its battery-electric vehicle retailing engineering, development and support operation in the United Kingdom as part of a restructuring, the company announced.
Green Automotive Company will discontinue its battery-electric vehicle retailing engineering, development and support operation in the United Kingdom as part of a restructuring, the company announced.
The company will transfer the majority of the knowledge in its battery-electric vehicle technology center to a new facility in Riverside, Calif. The new facility will be responsible for mostly the manufacturing business.
Green Automotive is shifting its focus from EVs to the production of high quality diesel, gas and CNG shuttle buses, according to a release. The company’s plan is to work on growth opportunities led by Newport Coachworks.
The reorganization of the UK business will take place as a Creditors Voluntary Liquidation under the U.K.’s Insolvency Act of 1986, Section 98. As a result, all liabilities in the companies will be eliminated, including an outstanding tax payable of $622,697, outstanding trade payables of $689,481 and outstanding lease payments of $40,000.
"The reality is that, most of our electric vehicle development is already taking place in California, one of the most dynamic regions in that field with a highly skilled workforce and reliable and innovative suppliers," said Ian Hobday, the company's CEO.
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