The Italian electric motorcycle maker Energica has officially declared that it is ceasing operations and entering bankruptcy proceedings, ending speculation about the company’s precarious financial situation.
After reducing its workforce by around 70% recently, among other measures to tighten its purse strings, the famed Italian electric motorcycle maker’s board made the decision to enter bankruptcy proceedings after its latest meeting this week.
As reported by CycleNews, the company explained in a press statement that “Energica Motor Company SpA, a manufacturer of high-performance electric motorcycles 75% controlled by the American fund Ideanomics Inc., announces that its Board of Directors meeting held on 14 October 2024 at 3:00 p.m. resolved to enter into a bankruptcy judicial liquidation pursuant to art. 121 et seq. of the insolvency law.”
The company also noted in the statement that its majority owner Ideanomics chose not to comment.
Energica had become a leading electric motorcycle manufacturer known for producing high-performance electric bikes that combined cutting-edge technology with Italian craftsmanship. Founded a decade ago, Energica quickly gained a reputation for its powerful electric motorcycles, including the Ego, Eva Ribelle, and EsseEsse9, which offered impressive speed, range, and torque that went largely unmatched in the global production electric motorcycle industry.
Energica became a key player in the premium segment of the global electric motorcycle market, appealing to riders who sought both performance and sustainability. In Italy and beyond, the company has been recognized for its innovation and engineering prowess, and its motorcycles have been frequently lauded for their advanced battery management systems and fast charging capabilities. As the official supplier for the MotoE World Cup, Energica solidified its position as a pioneer in electric two-wheel racing, further cementing its status as a leader in the electric mobility revolution.
Now, Energica will sadly join an expanding list of two-wheeled electric vehicle companies with promising technology cut down prematurely by the volatile economics of startups combined with the challenging world of electric vehicle manufacturing.
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