Lightyear stops production Lightyear 0 solar car
Lightyear halts production of its first solar car. The company confirmed this on Monday. Atlas Technologies, the subsidiary that houses Lightyear 0 production, filed for bankruptcy on Monday.
The decision to discontinue the Lightyear 0 solar car was taken as part of a “strategic restructuring”, the company writes in a press release. Lightyear CEO Lex Hoefsloot tells the Financieele Dagblad that ‘it has been decided in consultation with investors to pull the plug on the Lightyear 0’. According to the CEO, it was decided “partly under pressure from investors” to restructure the company through the deferment of payment. It is unknown what this means for the company’s more than 600 employees, who were informed on Monday.
Lightyear applied for a postponement of payment from the court on Monday morning. The company does this for Atlas Technologies, its subsidiary responsible for the production of the Lightyear 0. Atlas Technologies Holding, which owns, among other things, the intellectual property rights, and Lightyear Layer B.V. are not covered by the application.
The company says it now wants to fully focus on the development of its Lightyear 2 solar car, with which the company eventually wants to enter the mass market. Production of that solar car must start in 2025 and the car must cost less than 40,000 euros upon release. The company does need extra financing for the development of the Lightyear 2, the FD reports. Lightyear hopes to ‘complete some important investments’ in the coming weeks.
Lightyear started production of its Lightyear 0 solar car in November, which the company has been working on since 2016 under the name Lightyear One. The company produced the car at the Finnish car manufacturer Valmet Automotive. Lightyear planned to produce a maximum of 946 units of the solar car. The vehicle initially cost 150,000 euros, although that was later increased to 250,000 euros. Tweakers published a preview of this solar car last year.