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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