The future of Lightyear has been cast into doubt after announcing its parent company Atlas Technologies has entered bankruptcy. The development comes just days after Lightyear announced it was suspending production of its first electric vehicle (EV), the Lightyear 0.
The bankruptcy of Atlas Technologies, which was to produce Lightyear’s EVs, was granted by Rechtbank Oost-Brabant located ´s-Hertogenbosch in the Netherlands last week. This now raises questions around the company’s plans for its second EV, the Lightyear 2, which it said last week was the focus after shelving the Lightyear 0. The company was hoping to start production in 2025, aiming for a range of 500 miles (804km) thanks to solar panels on the EV, all with a sub-$40,000 price tag.
However based on a press release the outlook is not promising.
“Lightyear regrets having to make this announcement for all employees, customers, investors and suppliers and will work closely with the curator and all the people who are involved and hope for their understanding and support. In the coming period the trustee will focus on the position of the employees and creditors as well as assessing how the Lightyear concept can be continued.”
The Lightyear 0 was priced at about $300,000 and meant to be produced in limited quantities. The Lightyear 2, however, was designed to be far cheaper, allowing for mass production. The company said its solar cells should net up to 44 miles on sunny days. However, it has yet to release full images of the model.
Lightyear has gathered 40,000 orders for the less expensive Lightyear 2, as well another 20,000 orders from fleet operators.