• Apr 30, 2011
Electric commercial truck maker Modec is to cease trading after administrator Zolfo Cooper failed in its attempts to locate a suitable buyer for the UK-based firm. Last month, Modec announced that it was suffering from "severe cashflow difficulties" and had no option but to enter administration.

Zolfo Cooper says that, effective immediately, Modec will cease trading and cut its workforce by 25 people. A small number of employees will remain as Modec winds down operations after four years of production at its Coventry, England site.

Zolfo Cooper released this statement regarding Modec's current situation:
Despite the best efforts of the administrators, they have been unable to find a suitable buyer for the business as a going concern. Therefore, the administrators have regrettably been left with no choice but to cease trading and announce the redundancy of the majority of the remaining employees. However, the administrators have been able to achieve a sale of the remaining assets of the company.
And with that, we bid adieu to Modec.

[Source: AM Online]


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    • 1 Second Ago
  • 14 Comments
      • 3 Years Ago
      It is really sad - it is the future, but no-one knows who will succeed here. At the beginning of auto boom in US was more than 3000 auto companies, how do we have now? Once the guys from Google, Facebook and Twitter will move into Green Revolution our Lithium story will take off into parabolic rise - they have knowledge, technology and understanding that Electric Cars are the way forward. They will need to drive their kids to the soccer games after all, even after Peak Oil which is happening now. We do not know which one of them will make the next Coca Cola in Electric Cars space, but we will be ready with our Sugar business - Lithium will be needed for all of them. http://sufiy.blogspot.com/2011/04/lithium-charge-secretary-chu-announces.html
        Edge
        • 3 Years Ago
        Sufiy, you're pathetic. Stop spamming your blog site here. Administrators please do something about this guy. His blog site is nothing but a cheap lithium stock promotion site.
      Marcopolo
      • 3 Years Ago
      This is a very sad day for the UK. i had hoped that Liberty Electric engineering might save Modec. Modec suffered from a very poor business plan and a incredibly bad sales and marketing campaign, but the attitude of the UK government didn't help this midlands manufacturer. The other problem has been the lack of investor support for EV makers in the UK since the collapse of the US controlled by UK listed EV maker Vectrix corp which lost over $800 million of largely UK money. Especially, sad for Lord Jamie Borwick, who invested most of his family fortune in passionately promoting this EV pioneer.
      • 3 Years Ago
      They will not allow you to produce vehicles that do not run on gas or diesel. What happened to the green people now? where are they? But they can stop a farmer in the san joaquin valley from growing his crops.
      goodoldgorr
      • 3 Years Ago
      It's because they didn't put for sale enouph products, the proof is that there isn't anything from them for sale near where i live.
        Marcopolo
        • 3 Years Ago
        @goodoldgorr
        They didn't sell enough? Amazing! You worked that out all by yourself? Sorry they didn't have a truck salesroom near you, just when you were about to buy a dozen! What a shame.
          goodoldgorr
          • 3 Years Ago
          @Marcopolo
          It's because they didn't put for sale enouph products, the proof is that there isn't anything from them for sale near where i live
      David Peilow
      • 3 Years Ago
      Amazing that this company was allowed to go under. We get all this green rhetoric from the government, saying how they are going to make the UK an EV centre of excellence, yet companies are leaving or shutting down all over the place. Yet basket cases like Rover were propped up with millions, only to be snapped up by the Chinese. I asked the question why directly to Norman Baker at a debate on EVs but got the typical politician's answer.
        throwback
        • 3 Years Ago
        @David Peilow
        david, perhaps the UK government learned from the Rover and British leyland debacles. With austerity programs in full effect in the UK I don't see how the government could prop up a failing company.
        Marcopolo
        • 3 Years Ago
        @David Peilow
        David, I echo your sentiments completely. Now Smiths have also left the UK , because of a lack of government support. The government didn't need to subsidise Modec, or Smiths, all they needed was to purchase sufficient numbers for the government fleet. The same goes for County and City councils. (I know they lost all their money banking in Iceland! Why, is unfathomable, but now they can't be bothered supporting UK industries and workers, in a way which would also benefit the ratepayers environment and employment)
      2 Wheeled Menace
      • 3 Years Ago
      It sucks; we are in the middle of the electric revolution and companies are *shutting down*.... But more often than not... many companies have tried to make this electric thing happen before it was anywhere near affordable / able to "pay off". Only makes sense to not produce a product unless you have buyers lined up.. ya know? Sucks because, here goes up the price of gas ....
      Breconeer
      • 3 Years Ago
      I see that Navistar, with whom Modec had a joint venture agreement, has said it weill continue producing the eStar (the name they used for the rebadged Modec).
      • 3 Years Ago
      They will not allow you to produce vehicles that do not run on gas or diesel. What happened to the green people now? where are they? But they can stop a farmer in the san joaquin valley from growing his crops.
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