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An electric van maker in Coventry has gone into administration making more than a third of its staff redundant.
Modec in Binley secured a £23m grant from the US government in 2009 to jointly make electric vans for the American markets with US firm Navistar.
Founder Lord Borwick said the deal had not produced as many orders as he expected and only 400 vehicles had been made since its launch in 2007.
The company is bankrupt. When a company goes into administration it means their creditors can now get in touch and lay a claim to the money they are owed. The administrators will work out how much money is left in the company from sales of all its assets, and then pay off its creditors.
An administrator is a person placed into a company to take control and run it in order to try and save it. Administrators are also fully qualified insolvency practitioners. If the company can't be saved then the administrator will try to get the best result for all the secured creditors than if it just folded. The main reason an administrator is called in to a business is when the secured creditors are worried that they won't get their money back as the company is showing signs of failing. The court normally appoints the administrator, but there are a few other people who can call in the receiver, usually the creditors or their representatives.
If the administrator can't save a failing company and bring it back to trading at a profit, they will then fold the company before it is worthless. They sell off the assets to raise capital in order to pay the creditors, or if possible, they will sell the company as a whole.
FedEx showcased a prototype of the eStar electric truck during last month's "Charge Up Route 66" tour that began in Chicago and ended in Los Angeles as part of the Fortune Brainstorm Green Conference. FedEx will evaluate the performance of the eStar vehicle in its fleet as it operates in the Los Angeles area.
Originally posted by MidnightTide
Electric cars, who can afford those things anyway?
Read more: news.cnet.com...
FedEx executives said that the electric truck costs many times what its traditional trucks do. But the company is trying the technology to measure its cost benefits, which it estimates to be about one third the operating cost of diesel delivery trucks. It sent the truck on a cross-country promotional tour last month in advance of putting them into commercial use.
The eStar’s entry into the U.S. market has been long-anticipated. It is a culmination of Navistar’s 2009 acquisition of U.K. electric vehicle manufacturer Modec and a $2.4 billion investment by the Obama administration’s American Recovery and Reinvestment Act of 2009 – funds that were matched by the trucking industry at large, for a total investment of $4.8 billion in the research and development of clean energy vehicles.
The eStar features an all-electric drivetrain that delivers 75 kilowatts, or 104 hp, and a usable range of 100 miles per charge, making it ideal for many urban applications. When it returns to its home base at the end of the day, it can be plugged in and fully recharged within 6 to 8 hours. The initial purchase price for the new truck was pegged by Navistar at less than $150,000.