Tauranga, New Zealand-based electric motorcycle manufacturer UBCO has gone into receivership, marking dim prospects for the transport company that recently announced a major partnership with Australia Post.
The acquisition is being handled by professional services firm Grant Thornton, which has reportedly announced the termination of all staff contracts and the suspension of future operations.
Unlike normal bankruptcy, 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. Although bankruptcy usually marks the end of a company's independent operations, receivership may leave room for recovery or sale to a new owner.
UBCO is best known for its 2X2 all-wheel-drive electric motorcycles, popular with off-road riders and commuter-style riders.
The company has expanded with several different models, but remains focused on dual-purpose motorcycles, especially for use in multi-terrain environments.
That was a key part of Australia Post's deal, and the postal service has stepped down to take delivery of 175 new UBCO DUTY electric motorcycles for postal delivery, both in rural and urban areas. The electric two-wheelers now used by Australia Post have been praised for their ability to cross a variety of terrains, helping the postal service deliver to areas where traditional postal vans are either inaccessible or too large to make sense.
UBCO will reportedly still supply the necessary parts through the parent company, with the vehicle support being managed by a third party.
News of UBCO's financial woes follows the stumbles of the e-motorcycle maker. Over the past year, we've seen similar headlines about Italian electric motorcycle manufacturer Energica and Swedish electric motorcycle company CAKE, although the latter is on a mission to try and stay on its wheels.
Not long ago, the e-bike and electric motorcycle company SONDORS also closed its doors.
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