For the past few years, Switzerland-based Mindset Holding AG had been planning a sports-car EV that would rival Tesla. You can stop waiting now, since Mindset is declaring bankruptcy after its funding possibilities dried up.

At one time, Mindset was talking about a launch date for the E-Motion in early 2012 – which passed without incident – but as recently as this past February, Mindset was still talking about making a battery pack that delivered about the same power as the one in the Tesla Roadster but weighed half as much. The Mindset E-Motion was supposed to have a base price of about $93,000 and up to 272 horsepower. The whole plan is no more, according to an Aug. 31 statement from the company:

This step has become unavoidable after the group was not able to secure financing towards serial production of the electric vehicle mindset over the last months and years. It has to be stated that conventional investments are preferred to a highly innovative project in the present stock market environment.

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Mindset Holding AG shows its insolvency and illiquidity and applies for opening of bankruptcy

At its meeting of yesterday, the board of Mindset Holding AG has decided to ask the district court of Höfe (SZ) to open the bankruptcy procedures. This step has become unavoidable after the group was not able to secure financing towards serial production of the electric vehicle mindset over the last months and years.

Various negotiations with industrial partners and financial investors have ended without any result. All efforts to raise additional capital have failed. The board greatly regrets this step and would like to thank the shareholders for their trust.

Disillusioned, it has to be stated that conventional investments are preferred to a highly innovative project in the present stock market environment.

About MINDSET HOLDING AG
MINDSET HOLDING AG is the listed parent company of mindset ag. mindset is a new type of automobile that sets itself apart – both technically and aesthetically – from conventional automotive concepts. mindset was conceived from scratch to be an electric car for everyday use. The company's core activities comprise the development and the commercialization of the mindset. Lorenzo R. Schmid is the initiator and chairman of the board of the company.


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  • 16 Comments
      goodoldgorr
      • 2 Years Ago
      Even if it was powered by hydrogen gas i would't be interrested to buy because it's really ugly.
      Warren
      • 2 Years Ago
      If you want real efficiency, you need three things: light weight, low aero drag, and low rolling resistance. That last means tall, skinny tires. Look at bicycles, Bonneville racers, Model T, 2CV, first gen Insight, VW XL1, EV1, Edison2, any hypercar design.
        Giza Plateau
        • 2 Years Ago
        @Warren
        I think a normal car wheel has sufficient diameter to be efficient. I don't think that's where cars go wrong. Narrow wheels are advantageous and a good way to do that is with low weight so they need to carry less.
      TIMMAH!
      • 2 Years Ago
      Wagon wheeled Avanti Delorean anyone?
        Timo
        • 2 Years Ago
        @TIMMAH!
        Delorean married with Hummer got a child that has bad case of anorexia.
      • 2 Years Ago
      I think one reason for bankruptcy is the completely failed design. It just looks like the concept for a high tech horse carriage :/ pretty naive to think such a design is going to sell in considerable numbers.
      SVX pearlie
      • 2 Years Ago
      Unbelievable that another, undercapitalized wannabe-EV carmaker startup has gone under. After Think, Aptera, etc. all went bankrupt, you'd think that there weren't any left to go under.
        2 Wheeled Menace
        • 2 Years Ago
        @SVX pearlie
        No kidding. I don't miss 2007-2009; there were hundreds of these types of companies promising us the future. Tesla is one of the half dozen that are still alive. Reminded me of the dot com bubble.
        rich
        • 2 Years Ago
        @SVX pearlie
        Tesla motors presently has "adequate funding" to include the "U S government", known by many as the "bottomless pit". All things considered, even these assets are having difficulty supporting the tens of millions being lost almost on a daily basis. Dwindling sales, sometimes known as revenue, only exasperate the dire situation.
      Rick
      • 2 Years Ago
      Not hard to see why this was an epic fail, only would appeal to Mr Magoo types who don't drive. What can you say nice maybe, Mmmm the round wheels look nice and round. $93,000 thats cheap for such a stunner. MMMmm I bet Tesla must have had a few sleepless nights, that this might have stolen sales off them.
        SVX pearlie
        • 2 Years Ago
        @Rick
        Hey, those giant wheels reduce rolling resistance. There may be up to 5% reduction in frictional losses with those giant hoops. Not nearly enough to offset the increase unsprung weight or rotational intertia, but there is some minor advantage at steady, walking speeds. Plus, it's got that saucer-on-a-serving plate effect with the tiny brakes, completely visible through the anti-aero, maxi-drag wheels. And check out those rear fenders that draw even more attention to the wheels. It's these kinds of things which paint the car as more of an ego stroke than a serious project. But funny to look at if it were a high school auto project.
      Giza Plateau
      • 2 Years Ago
      It might have caught on in Amish societies
      Rob Mahrt
      • 2 Years Ago
      Who.... in the hell... thought that looks good? Uglier than the Pontiac Aztec, much understood to be the biggest failure of car design in the last few decades.
        SVX pearlie
        • 2 Years Ago
        @Rob Mahrt
        Speaking of the Aztek, notice how they stole the rear glass design from Pontiac.
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