The startup said it has laid off all but essential staff as it pursues options, including sale of the company and financing, according to a release to investors last week. If unsuccessful at those efforts, the company plans to file for bankruptcy within three weeks.
The release from Vectrix blames the credit crunch and lack of consumer spending on bigger ticket retail purchases.
“The company has made every effort to reduce costs and conserve cash, but market conditions continue to be difficult and the results of sales have been very disappointing,” the release said.
They weren’t selling any so i recon they would have gone down sometime.
I saw quite a few when they were launched, and I know the AA bought some and have seen them, but they are more than twice the price of a conventional 125, and 50% more than smaller electric scooters, of which I see more and more. So I am not surprised either.
When I went past the electric scooter emporium in Colliers Wood this morning I noticed it had signs saying
“Everything Must Go!”
I too have seen a few about in central London and the AA ones.
I guess people that bought these are pretty screwd as there will little dealer support (parts, service) and dont think they will be able to sell them for much,
i bet AA prices will go up to recover this loss?
I see that Eco Scooters Direct, the place in Colliers Wood I mentioned, (which didn’t sell Vectrix scooters, it sold much small cheaper Chinese ones) opened on 4 July 2008 so the business has lasted only a year.
Simple reason why electric vehicles aint popular…
Not enough plug points! thats it!
It’s always risky being an early-adopter of new tech like this, and a real shame Vectrix is going down. The bikes were good, we really enjoyed our time with the first one when we reviewed it.
No doubt someone else will pop up in their place. I’m surprised a bigger manufacturer didn’t acquire them though, with large scale production and economic savings behind them I’m sure they’d have done a lot better.