Bankruptcy Sealed: German Carmaker Closes for Good

Written by Camilla Jessen

Jun.11 - 2024 9:10 PM CET

A promising German electric car startup has come to an unexpected halt.

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The German electric car manufacturer Next E-Go Mobile, based in Aachen, has reached its end.

After extensive but unsuccessful attempts to secure a buyer, the insolvency administrator Claus-Peter Kruth has announced that the company will be liquidated, as reported by the tech magazine Chip.

Next E-Go Mobile, a spin-off from the Technical University of Aachen, was once seen as a beacon of hope in the electric vehicle market.

But the company failed to achieve the necessary breakthrough.

The failure of the E-Wave X model, which never reached series production, was a financial setback.

Despite high-profile marketing efforts, including the involvement of football star Neymar as a brand ambassador, the company was unable to secure the needed financial backing.

Lacking investor support, the small car manufacturer had no choice but to file for bankruptcy.

The impact of this failure is significant: approximately 200 employees will lose their jobs, as they will soon receive their notices of termination.

The company's remaining assets will now be liquidated to pay off debts.

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