Tag: bankruptcy

By on June 14, 2013
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The video above is the closest we’ll ever have to enjoying a World’s Wildest Police Chases segment featuring the Carbon Motors E7. Somewhat lost in the breaking news of March regarding the bankruptcy of Fisker Automotive and Coda was the demise of the nation’s other other startup vehicle manufacturer, the Carbon Motors Corporation. Although Bertel correctly predicted Carbon’s death shortly after they failed to qualify for a DOE loan last year, the company maintained a brave public face and soldiered on defiantly until the end of March. As late as mid March they were announcing the introduction of two new vehicles: an armored truck called the TX 7 and a skateboard shaped drone called the CT 7.  Two weeks later they would be slipping out of their Indiana state taxpayer funded digs  without so much as a “Dear John” letter to the desperate Hoosiers who needed the jobs they’d promised

I’d been watching and waiting for an official announcement that the company had liqudated before poking the body with a stick. That moment finally came on June 7 with a Chapter 7 filing in Indianapolis. The bankruptcy filing shows that Carbon Motors had assets of less than $19,000 and outstanding liabilities of over $21 million. It seems that the dream of a purpose-built police car is dead.

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By on June 12, 2013

Milesev

Yesterday, battery acolytes who hate to see stories of EV makers going bankrupt complained about a TTAC story of another EV maker going bankrupt.  They said the story was unfair, because Miles Electric made electric essential services vehicles, used for parking enforcement and the like, whereas bankrupt EV makers such as Coda tried to sell real cars,so where’s the connection?

Our story actually went to great pains trying to explain this promising niche, in an attempt to say “well, if it doesn’t work here, where will it?”

Wire services such as Reuters are less subtle.  (Read More…)

By on June 11, 2013

 

The electric vehicle revolution has eaten another one of its children. “U.S. electric car manufacturer Miles Electric Vehicles filed for chapter 11 bankruptcy protection early on Tuesday, court documents showed, highlighting the difficulties faced by battery-powered vehicles in gaining wide market acceptance,” says Reuters. (Read More…)

By on April 5, 2013

Fisker has laid off nearly all of its rank and file employees. Reuters reports that 160 people were out of a job as of today, while 53 senior employees will stay on, apparently to help find a buyer for Fisker’s assets. Fisker is also hoping to re-negotiate a loan payment to the Department of Energy, due on April 22nd.

By on March 4, 2013

The 30 year run of Suzuki auto sales in the United States is one step closer to coming to an end, as a California bankruptcy court approved Suzuki’s restructuring plans.

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By on January 31, 2013

NOTE: I received the following email from Saab Automobile Parts North America. As I was not aware of the recent details behind Saab’s parts/service operation (my bad) I felt obligated to share this, unedited, with everyone. – SM

Sajeev,

We read, with great interest, your latest Piston Slap post and the many comments in response to “The Last Saab = good Deal?” We wanted to take this opportunity to let you know about Saab Automobile Parts North America, the exclusive authorized provider of Saab Genuine Parts in North America. Venues like yours help us to get the message out that Saab Genuine Parts and Service are available. (Read More…)

By on January 23, 2013


Bruce writes:

I got my 2007 9-3 serviced at the Falls Church, VA Saab dealership. My question: They had new (2011) 9-5s for $20,000 off the sticker price. Almost half off. Are they a good deal? Would you buy one? (Read More…)

By on December 5, 2012
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Only 6 dealers haven’t taken a buyout offer from Suzuki – of the 219 Suzuki dealers in America, 213 took the offer from American Suzuki, including the top 50 dealers by volume.

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By on November 14, 2012

Being a Suzuki dealer is surely one of America’s least enviable jobs; franchise holders must choose whether to accept a cash settlement and a contract to provide parts and service in exchange for their franchises, or whether they want to fight the matter in court.

(Read More…)

By on November 8, 2012
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American Suzuki has received court approval to borrow $45 million to help restructure their dealer network following a Chapter 11 filing.

(Read More…)

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