The Tauranga, New Zealand-based electric motorcycle maker UBCO has entered receivership, marking dim prospects for the mobility company that had only recently announced a major partnership with Australia Post.
The receivership is being handled by professional services company Grant Thornton, who is reported to have announced the termination of all employee contracts and the suspension of future operations.
Unlike traditional bankruptcy, a receivership occurs when a third-party receiver is appointed to take control of a company’s assets and operations in an effort to recover debts. While bankruptcy often signals the end of a company’s independent operations, receivership may still leave room for recovery or a sale to a new owner.
UBCO is well known for its 2X2 all-wheel-drive electric motorbikes, which are popular among riders who cover both off-road terrain and on-road commuter style riding.
The company has expanded with several different models, but has remained focus on such dual-purpose motorbikes, especially for use in areas with varied terrain.
That was a key piece of the Australia Post deal, with the postal service down under recently receiving 175 new UBCO DUTY electric motorbikes for mail delivery, both in rural and urban areas. The rugged electric two-wheelers now in use by Australia Post were praised for excelling at traversing a variety of terrain, helping the postal service make deliveries in areas that traditional mail vans either can’t reach or are too large to make sense.
UBCO will reportedly still provide necessary parts through its parent company, with service of the vehicles already being handled by an outside company.
The news of UBCO financial troubles follow several other high-profile e-motorcycle maker stumbles. In the last year, we’ve seen similar headlines regarding Italian electric motorcycle maker Energica and Swedish electric motorcycle company CAKE, though the latter is in the process of trying to land on its wheels.
Not long before, the e-bike and electric motorcycle company SONDORS also shuttered its doors.
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