Another setback for bus manufacturer Ebusco, another large order cancelled

This article was last updated on October 21, 2024

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Another setback for bus manufacturer Ebusco, another large order cancelled

A new setback for the electric bus builder Ebusco from Deurne. Qbuzz has canceled an order for 59 buses with Ebusco. That company previously seized several Ebusco accounts. The company did not reveal the exact reason for the cancellation.

Ebusco is contesting the cancellation of the order today in summary proceedings. Ebusco is also trying to have the seizure of the bank accounts reversed.

45 of the 59 buses have already been produced, Ebusco says. 30 are ready for delivery.

Faulty supply

The electric bus manufacturer is suffering major losses due to production problems. These arose, among other things, due to faltering supply of parts after the corona pandemic. Far fewer buses are being produced than planned.

Connect Bus and Keolis previously canceled orders for dozens of buses. Ebusco says that 47 buses from Connect Bus’ order are already in advanced stages of production. The purchase of those buses is being discussed with various other parties.

Agreement has been reached with Keolis to discontinue an order for 50 buses.

Ebusco wants to raise new capital through a so-called ‘rights issue’. Shareholders must give permission for this. Whether this will be successful will have to be seen at an extraordinary shareholders’ meeting on Thursday.

The bus builder went to the fair this morning down hard. The stock fell by 18 percent. Trading was halted briefly to calm investors. When trading resumed after a short time, there was a slight price recovery. Since the beginning of this year, the value of Ebusco has fallen by more than 85 percent.