Vancouver-based EV startup Veemo goes bankrupt

veemo
Credit: Veemo

Another electric vehicle (EV) startup has run out of cash and entered bankruptcy, although this time you may not have heard of this company before. Vancouver-based VeloMetro Mobility (Veemo) declared bankruptcy last month, ending plans for its three-wheeled enclosed electric scooter.

The bankruptcy comes after the company announced on its website last month that it could not “say with confidence” when deliveries of the Veemo SE could begin to customers. The company unveiled the electric scooter in 2016 but has failed to be able to bring it to market, citing logistic and supply chain issues that were hampering production.

With the bankruptcy all customers who had placed an order will see their reservations cancelled and refunded. The Veemo SE was originally marketed at $4,999 but was increased in October 2022 to $12,000.

The Veemo SE is an enclosed, electric-powered vehicle with bicycle pedals to assist riders. It was designed to be small and compact so riders could easily travel through urban cores. The company even altered the design to get it approved for use in dedicated bike lanes without the need for a driver’s license. It weighs about 120kg (264lbs) and has a range of about 100km (62 miles), and can reach a maximum speed of 32km/h (20mph).