"We have evaluated six different options. BYD was able to offer the best combination of product quality and lead time" said Jonas Kempe, CEO of Connect Bus in Sweden, highlighting the decisive factors in their choice of a new bus supplier after prolonged delays with Ebusco.
Speculations about Ebusco's insolvency are gaining space. The company's half 2024 financial results show EBITDA loss of €60.7 million and a significant decrease in share prices, indicating serious financial distress.
Scaling up with contract manufacturers has been hampered by start-up inefficiencies, which have driven Ebusco to pivot to a new strategy focusing on assembly of model 3.0 in China.
Ebusco shares have today a value of 0.94 €, witnessing a staggering -87% decrease in the last 12 months, reflecting the company's struggles to maintain operational and financial stability.
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