Monday, April 15, 2024

Silverstone electric vehicle firm shuts down commercial arm

Silverstone-based electric vehicle firm, Lunaz Group, backed by David Beckham, has put its commercial arm into administration.

The business, which upcycles vehicles to zero-emissions electric powertrains, is shutting down Lunaz Applied Technologies in a major overhaul, with the arm going into administration.

A spokesperson for Lunaz, as reported by The Telegraph, said the company was “restructuring its business to re-scope timelines for the start of production for commercial vehicle products.” They added: “This means, the business entity ‘Lunaz Applied Technologies’ has stopped operations.”

The Government’s decision to push back the ban of sales of new petrol cars and vans to 2035 was slated to be one of the reasons for the decision.

The restructure will mean the business can focus attention on passenger cars, while Lunaz noted intentions for commercial vehicles to be produced when market conditions drive demand.

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