Tauranga-based electric motorcycle company Ubco has gone into receivership, halting operations and terminating all 82 employees just months after securing a deal with Australia Post for 175 bikes.
Despite selling over 6000 units globally and raising significant capital, including $35 million in 2023, the firm struggled with mismanagement, overexpansion, and unresolved product issues.
Speaking to legacy media (paywalled), former executives criticised decisions to forgo defense opportunities and focus on unmarketed models like trail and quad bikes.
Major shareholders, including Taiwanese manufacturing giant TPK and venture capital firm GD1, face significant losses, as Ubco’s ambitious plans for global expansion and potential IPOs ultimately fell short. Receivers are now seeking buyers for the company.
To big, to quick.
Dammit! I wanted to buy one of these to carry on the back of my motorhome 🙁
Yep they got indorse by Labour so no surprise really. Kiss of death by Hipkins