Atlas Technologies BV, the operating company of Dutch electric vehicle startup Lightyear, declares bankruptcy just days after stopping production of its first EV. At first, the company said it had stopped making Lightyear 0, so it could use its resources to start selling Lightyear 2 in 2025. The first electric car made by the EV company cost around $260,000 and could travel 388 miles. Under the contract, Valmet Automotive made it in Finland. Lightyear went bankrupt just a few days after saying it would stop making its innovative, partially solar-powered Lightyear 0 vehicle to focus on its next design. The Dutch startup at CES stopped paying its operational business, Atlas Technologies BV, which hired Valmet Automotive in Finland to make the high-tech, expensive electric sedan less than a month after the first one went into production. Lightyear 2 is in danger because the company is going through bankruptcy. Lightyear hoped to start making the Lightyear 2 in 2025, with a starting price of just under $40,000 and a range of 500 miles between charges, thanks to solar panels and other technology. In a statement, the company said that Atlas Technologies BV, the company in charge of making Lightyear, must file a request to stop payment processes. A Dutch court agreed to the company’s request to declare Atlas Technologies BV bankrupt. Even though the whole business and the jobs of more than 500 people are now in danger, bankruptcy mainly affects the company’s manufacturing side. A few months ago, the company announced that it had raised $80 million to get ready for the start of Lightyear 0 production in Finland. The company started a waiting list for the Lightyear 2 earlier this month. The Lightyear 2 would have had many of the same technologies as the first model, but since early December, only a small number have been made. The business said that the trustee’s primary concerns would soon be the position of employees and creditors and ways in which the Lightyear concept could be kept alive. Lightyear spent six years making its first model, which can add up to 43 miles of range per day. The company saw solar technology as a way to solve both range anxiety and high charging costs. The sleek car had a drag coefficient of 0.175 Cd and a relatively small battery of 61.2 kWh, but it was said to have a WLTP range of 388 miles. It needs to be clarified if the company, which raised a lot of money right before making the $260,000 sedan, will be able to restructure and get more money for its second model or if another automaker will save the day.
