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.

A message from the Editor:

Thank you for reading this story on our news site - please take a moment to read this important message:

As you know, our aim is to bring you, the reader, an editorially led news site and magazine but journalism costs money and we rely on advertising, print and digital revenues to help to support them.

With the Covid-19 pandemic having a major impact on our industry as a whole, the advertising revenues we normally receive, which helps us cover the cost of our journalists and this website, have been drastically affected.

As such we need your help. If you can support our news sites/magazines with either a small donation of even £1, or a subscription to our magazine, which costs just £33.60 per year, (inc p&P and mailed direct to your door) your generosity will help us weather the storm and continue in our quest to deliver quality journalism.

As a subscriber, you will have unlimited access to our web site and magazine. You'll also be offered VIP invitations to our events, preferential rates to all our awards and get access to exclusive newsletters and content.

Just click here to subscribe and in the meantime may I wish you the very best.









Latest news

Related news