The German company Next.e.GO Mobile SE, which had to invest 150 million euros in the construction of a factory for the production of electric cars in Lovech, has filed for bankruptcy, writes the German publication WirtshaftsWoche.
The company had to build the plant on the ground next to the former “Balkan” plant in Lovech, and the investment was agreed in 2021 by the then Acting Minister of Economy Kiril Petkov. Even then, it was announced that the production would create at least 1,000 jobs.
When the German company came to Bulgaria, the Bulgarian company “Advance Properties” of the Domuschievi brothers was brought in as a leading partner.
The German newspaper reports that the reason for the declaration of bankruptcy is the failure of the company’s planned listing on the New York Stock Exchange in 2023. The company intended to build two more plants – one in North Macedonia and one in the USA.
The decision to liquidate the company was made due to “recent negative developments and challenges” in the electric car industry and “volatility in the capital markets”.
The company was founded in 2015 in Aachen with ambitious plans by a group of pioneers around Professor Günther Schuch to develop a small, practical urban electric car called e.Go Life.
However, the model has been slow to sell, and delays in approval and delivery have thrown the company into liquidity problems, the German publication also said.
In August 2022, the executive director of “Next.e.Go Bulgaria” Lyubomir Stanislavov announced that the construction of the electric car plant in Lovech had practically begun.
He announced a schedule that by the end of 2023, the first series of electric cars should be produced, and large-scale production should develop in 2024.
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