According to reports in the New Zealand Herald, among others, Kiwi EV innovator UBCO has gone into receivership as of January 17. “As there is no funding available, the receivers have ceased to trade the business and all employees have been terminated with immediate effect.” This despite pending deliveries to the Australian postal department and a number of pizza delivery services.
Receivers Stephen Keen and David Ruscoe from Grant Thornton, stated they were open to selling the business, but no access to the company’s current financials was offered. TPK, UBCO’s main manufacturing partner in Taiwan, was the largest shareholder before the company went into receivership. TPK had acquired a significant stake in 2021 and held roughly 40% of the company by the time it collapsed. GD1, a venture capital firm based in Auckland, held approximately 21%, while smaller investors from the Snowball Effect crowdfunding platform also had ownership shares.
As recently as August 2024, UBCO announced it had negotiated a contract to provide Australia Post with 175 electric motorcycles. “This initial order could potentially lead to more in the future, as these bikes were intended to supplement the postal service’s large fleet totaling 10,000 vehicles,” was the word at the time. Additionally, a smaller trial program was set up with NZ Post, and some bikes were being tested out for local pizza deliveries via Domino’s in New Zealand.
