Matt Gruber
1 MW
within 30 days unless white knight can be found.
2000 scooters sold
source: AP
2000 scooters sold
source: AP
Vectrix to file for bankruptcy
- Thread starter Matt Gruber
- Start date
Lock
100 MW
Man, sorry to see this... Vectrix is citing lack of financing for dealers and consumers... Wonder how much cash they have been burning up making and showing off their super bike?
tks
lok
tks
lok
deronmoped
10 kW
- Joined
- Oct 6, 2008
- Messages
- 706
I wonder what went wrong? Not enough depth in the company to make it through the tough times, bikes too expensive, people not ready for a E-Scooter yet, the drop in gas prices, battery technology, too much competition from gas powered scooter companies?
If you think about it, that is a tough market to introduce a new bike into, electric or not.
Deron.
If you think about it, that is a tough market to introduce a new bike into, electric or not.
Deron.
Lock
100 MW
Amusing that Vectrix has yanked their web home page, but the investor pages are still available:
http://investors.vectrix.com/
Middletown, R.I.- April 23 - Vectrix Corporation (AIM: VRX) (www.vectrix.com), maker of the world's first high performance, two-wheel zero emission vehicle
(ZEV), announces that while efforts continue to secure new equity and government based financing as well as strategic initiatives, the Company is continuing to
implement cost savings measures. The Company has initiated restructuring proceedings under Polish law for its Polish manufacturing subsidiary, which will
allow the subsidiary to continue operations in the ordinary course while seeking an arrangement with creditors.
Trading in the common stock of the Company remains suspended until further notice.
...so the vehicles may still be available
tks
L
http://investors.vectrix.com/
Middletown, R.I.- April 23 - Vectrix Corporation (AIM: VRX) (www.vectrix.com), maker of the world's first high performance, two-wheel zero emission vehicle
(ZEV), announces that while efforts continue to secure new equity and government based financing as well as strategic initiatives, the Company is continuing to
implement cost savings measures. The Company has initiated restructuring proceedings under Polish law for its Polish manufacturing subsidiary, which will
allow the subsidiary to continue operations in the ordinary course while seeking an arrangement with creditors.
Trading in the common stock of the Company remains suspended until further notice.
...so the vehicles may still be available
tks
L
http://evworld.com/article.cfm?storyid=1727 fair summary here, basically they were to early their bike was too expensive.
I had a chat with someone selling them and he said the early dishonesty with the range (they said 62 miles it was more like 40) didn't help. Even at the reduced priced they were a lot of money for a scooter that could only be used for short trips. Its a shame in a way, as it was a great bike to ride, sad for all the people who lost money dealers/ investors
I had a chat with someone selling them and he said the early dishonesty with the range (they said 62 miles it was more like 40) didn't help. Even at the reduced priced they were a lot of money for a scooter that could only be used for short trips. Its a shame in a way, as it was a great bike to ride, sad for all the people who lost money dealers/ investors
dnmun
1 PW
there is no commercial paper available. our country is bankrupt. the lead story in the wsj today is the refusal of the guvment to provide support for CIT. this bankruptcy filing will be devastating to the middle class financing needs, not wall street. goldman made a ton of money going short, should be criminal.
the bankruptcy of CIT will likely add 1-2% to unemployment from 10% to 12%. devastating if the guvment doesn't get their act together and save it.
the bankruptcy of CIT will likely add 1-2% to unemployment from 10% to 12%. devastating if the guvment doesn't get their act together and save it.
John in CR
100 TW
They got greedy and priced themselves out of a market that didn't even exist yet. Good riddance. EV's need to start as vehicles the common man can afford, not try to jump directly into competition with the high end. Sure there's are market share for 4 wheel EV's priced toward the higher end of the scale, but not motorcycles. Poor business decisions never go unpunished.
John
John
dnmun
1 PW
if the dealers cannot borrow money to buy the scooters to put on their showroom floor, how can you blame the manufacturer for that? that's what CIT did, the guvment is gonna let them go bankrupt.
where does a businessman go in this country to borrow money to finance the stuff they put on their showroom floor? everywhere i go, every major street i take, all the buildings are for lease. all the old vendors are outa business. even the starbucks down the street has closed.
there are so many personal stories too. people selling their cars,cycles, everything to pay the rent or mortgage that there is a wealth of opportunity for a buyer so why buy an escooter when you can get that BMW you wanted a year ago for half price today from your neighbor down the street who can't meet his $2,000/mth mortgage payment since he lost work.
how can a car dealer even sell a car to the people who normally buy them. this is epic in dimension. the fed has kept the world intact by acting quickly and massively, but we will never see that level of insane consumption ever again.
even the chamber of commerce has come out in support of an increase in the gas tax to pay for the hole in the transportation budget, but only 10 cents. we waited 30 years since jimmy carter tried to be reasonable. reagan got the country spending again like all the oil in the world was ours until george bush could not secure it. hard to believe how deep a hole he got us into, and now we are clinging to hope that obama can get us out.
what kinda kick in the head will it finally take? there is an article in the wsj today about allegheny who invested $10s of millions in their plant who thought they would make the castings for the GE wind turbines and then GE went to china, and GE refused to deal with allegheny even when they offered to make them for the same price as the chinese.
what is bad business practice? even doc was chewed out for selling the batteries for a pittance of profit by a member of the pack. this is gonna be very bad. my fav tenant, who just got a teaching MS is going to have to go to Saipan to find a job teaching since all the shools are cutting back in this country. how will these kids pay off their student loans? that's why she is going.
where does a businessman go in this country to borrow money to finance the stuff they put on their showroom floor? everywhere i go, every major street i take, all the buildings are for lease. all the old vendors are outa business. even the starbucks down the street has closed.
there are so many personal stories too. people selling their cars,cycles, everything to pay the rent or mortgage that there is a wealth of opportunity for a buyer so why buy an escooter when you can get that BMW you wanted a year ago for half price today from your neighbor down the street who can't meet his $2,000/mth mortgage payment since he lost work.
how can a car dealer even sell a car to the people who normally buy them. this is epic in dimension. the fed has kept the world intact by acting quickly and massively, but we will never see that level of insane consumption ever again.
even the chamber of commerce has come out in support of an increase in the gas tax to pay for the hole in the transportation budget, but only 10 cents. we waited 30 years since jimmy carter tried to be reasonable. reagan got the country spending again like all the oil in the world was ours until george bush could not secure it. hard to believe how deep a hole he got us into, and now we are clinging to hope that obama can get us out.
what kinda kick in the head will it finally take? there is an article in the wsj today about allegheny who invested $10s of millions in their plant who thought they would make the castings for the GE wind turbines and then GE went to china, and GE refused to deal with allegheny even when they offered to make them for the same price as the chinese.
what is bad business practice? even doc was chewed out for selling the batteries for a pittance of profit by a member of the pack. this is gonna be very bad. my fav tenant, who just got a teaching MS is going to have to go to Saipan to find a job teaching since all the shools are cutting back in this country. how will these kids pay off their student loans? that's why she is going.
Matt Gruber
1 MW
CIT>fail
could prove to be a big mistake.
i'm surprised the gov is doing nothing.
they must feel the worst is over.
As far a business' living hand to mouth, i was always amazed how daring they were.
The Paradox of prosperity: The longer things go smoothly, the more risk they accept. Which causes failure.
could prove to be a big mistake.
i'm surprised the gov is doing nothing.
they must feel the worst is over.
As far a business' living hand to mouth, i was always amazed how daring they were.
The Paradox of prosperity: The longer things go smoothly, the more risk they accept. Which causes failure.
spinningmagnets
100 TW
The Vectrix was $12,000 when I first read about it. They did well with wealthy early adopters, especially since there was not much competition. Most recently I've heard the Vectrix was selling for $9,000 when now, the GPR-S will be available soon for $8,000.
If you wanted to drive on the freeway on occasion, why would you pay more for an electric scooter when there will be several different E-motorcycles available for less? The new Vectrix will probably be bought out by someone. It has all the bugs worked out and the tooling is in place to start immediatelly making more.
But if they were asking me, the new Vectrix only needs to reach 50-MPH (city-driving only, also allowing lower voltage, optimum efficiency at ~40-MPH) and should have a much less expensive entry-level lead/acid battery of 72V (stock was 108V NiMH?) and a NiMH/Lithium battery "could be" an option for longer range. I don't see why they couldn't sell an entry-level model for $5,000, just some thoughts...
If you wanted to drive on the freeway on occasion, why would you pay more for an electric scooter when there will be several different E-motorcycles available for less? The new Vectrix will probably be bought out by someone. It has all the bugs worked out and the tooling is in place to start immediatelly making more.
But if they were asking me, the new Vectrix only needs to reach 50-MPH (city-driving only, also allowing lower voltage, optimum efficiency at ~40-MPH) and should have a much less expensive entry-level lead/acid battery of 72V (stock was 108V NiMH?) and a NiMH/Lithium battery "could be" an option for longer range. I don't see why they couldn't sell an entry-level model for $5,000, just some thoughts...
dogman dan
1 PW
Not so complicated, killed by 60 buck a barrel oil. If it had stayed at 150 they'd still have a waiting list for the bikes. Dishonesty about performance doesn't help though.
John in CR
100 TW
dogman said:
If you can't make it on oil at $60 (almost a 50% increase over prices a few years ago) then you shouldn't be in the EV business, at least not yet. Battery tech and prices have come far enough for EVs to make economic sense, but as a form of transportation, not recreation when the direct competition is sports motorcycles.
John
Toshi
10 kW
i'm as big of an EV fanboi as you're apt to find yet i was underwhelmed by the Vectrix when i went to test drive it. it had the power of a 125cc scooter, the weight of a 800cc cruiser motorcycle, and a 35-45 mile range that'd take you from one end of town and back, if that. add in a price of $12k whereas 125cc scooters go for $3-5k typically and you have a recipe for failure. make it 8k with a true 60 mile range and i'd have looked at it.
deronmoped
10 kW
- Joined
- Oct 6, 2008
- Messages
- 706
When you introduce something new like this to people, what is better to do, compete or go for a different segment of the market. E-Vehicles are not ready to compete against the already established ICE-Vehicles, there would have to be a huge breakthrough in battery technology and even with that there would be a big hill to climb.
If you go after different segment of the market, you have to know your buyers, what they are willing to spend, how many there will be and what they want. I think going after the general public is a no go situation, most people are just not disciplined enough to keep a battery maintained, they have gotten used to gas as a fuel. So who do you go after? I'm thinking companies, government agencies, rental places, clubs, anyone that has a maintenance person. Out of the general public you have to target people that will not give your E-Vehicle a bad name, someone that would keep the battery charged.
Here is a idea, offer drop off of fully charged battery packs. Or even the swapping of them. Kinda like the water delivery guy or the propane tank swap. It would work like this. They would buy the bike and get a contract for so many battery swaps. They then would just text message when they need one and your driver would just swap it out. No more dead batteries, infinite range. That would also allow you to sell the E-Vehicle with a smaller battery pack, plus the customer has the option of charging, which would keep the cost down to them. I think it is good way to tackle the main problem with E-Vehicles, range, no longer a issue.
Deron.
If you go after different segment of the market, you have to know your buyers, what they are willing to spend, how many there will be and what they want. I think going after the general public is a no go situation, most people are just not disciplined enough to keep a battery maintained, they have gotten used to gas as a fuel. So who do you go after? I'm thinking companies, government agencies, rental places, clubs, anyone that has a maintenance person. Out of the general public you have to target people that will not give your E-Vehicle a bad name, someone that would keep the battery charged.
Here is a idea, offer drop off of fully charged battery packs. Or even the swapping of them. Kinda like the water delivery guy or the propane tank swap. It would work like this. They would buy the bike and get a contract for so many battery swaps. They then would just text message when they need one and your driver would just swap it out. No more dead batteries, infinite range. That would also allow you to sell the E-Vehicle with a smaller battery pack, plus the customer has the option of charging, which would keep the cost down to them. I think it is good way to tackle the main problem with E-Vehicles, range, no longer a issue.
Deron.
