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Old 03-02-2011, 09:29 AM   #1
Mach V Dan
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Default Zero Sports files for bankruptcy

Things are not looking good at Zero Sports. From the Japanese news service Nikkei:

Quote:
Originally Posted by Nikkei
GIFU (Nikkei)--Electric-vehicle start-up Zerosports Co. said Tuesday that it will file for voluntary bankruptcy with the court because a client canceled a large contract for EVs.

The Gifu Prefecture-based firm has total liabilities of about 1.1 billion yen, President Tokuji Nakashima said at a news conference. About 70 employees were dismissed that day, leaving just a few to handle the bankruptcy proceedings.

The canceled deal with Japan Post put Zerosports in a financial bind.

Last August, Zerosports signed a contract with Japan Post Service Co. to deliver 1,030 EVs for mail collection and delivery for roughly 3.5 billion yen. But the Japan Post Holdings Co. unit canceled the deal in January, citing possible delivery delays, according to Nakashima.

Under the deal, a total of 30 EVs were to be delivered in January and February of this year, with the remaining 1,000 units to be supplied by February 2012.

According to Nakashima, production was affected because Zerosports had complied with a request from Japan Post Service to change the specifications of the vehicles. Having borrowed heavily from financial institutions to cover development expenses, Zerosports faced financing difficulties after the deal was canceled, he said.

A spokesperson for Japan Post Service acknowledged that the deal has been canceled but declined to speak about the details. The firm still intends to deploy EVs, according to the official.

Established in 1994, Zerosports grew by developing and selling custom parts for gasoline-powered cars. It began developing EVs in 1998, first designing small carts for use in such facilities as factories and then moving to street-legal models by riding the EV boom. It logged sales of 553 million yen and a net loss of 359 million yen for the fiscal year ended Aug. 31.

(The Nikkei March 2 morning edition)
1.1 billion yen is about $13.4 million USD.

--Dan
Mach V
FastWRX.com
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Old 03-02-2011, 10:04 AM   #2
AfflxnPB
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That's definitely a good hunk of change.
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Old 03-02-2011, 10:06 AM   #3
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Bye Bye ARC
Bye Bye Z/S
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Old 03-02-2011, 11:16 AM   #4
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Damn! It would be a shame to lose a great company that makes quality parts.
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Old 03-02-2011, 12:00 PM   #5
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The Japanese government should be proud of themselves. Getting the company to take out massive loans to make changes and screwing them in the end.
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Old 03-02-2011, 12:06 PM   #6
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Sounds like somebody else wants Japan Post to buy their EVs instead: Japan Post changed their specs with Zero Sports, so Zero Sports production was delayed because of the changes, so Japan Post cancelled because of the delay. So apparently there's someone out there that can supply EVs that meet Japan Post's specs sooner than Zero Sports could've. Mitsu?
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Old 03-02-2011, 12:50 PM   #7
Yoo Shin
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Wasn't Zero Sports the outfit that a couple years ago took an 08 WRX sedan and make a widebody like the 2011s?
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Old 03-02-2011, 08:20 PM   #8
Drifting Away
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Man so many awesome import companies going out of business these days.
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Old 03-02-2011, 08:32 PM   #9
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since when was Zero Sports an electric vehicle startup? I thought they were a body kit manufacturer
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Old 03-02-2011, 10:45 PM   #10
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Quote:
Originally Posted by pio!pio! View Post
since when was Zero Sports an electric vehicle startup? I thought they were a body kit manufacturer
Quote:
Established in 1994, Zerosports grew by developing and selling custom parts for gasoline-powered cars. It began developing EVs in 1998, first designing small carts for use in such facilities as factories and then moving to street-legal models by riding the EV boom.
1234fif
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Old 03-02-2011, 11:02 PM   #11
Corinator
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I guess I'm glad I got my front bumper and sideskirts when I did. If I would have waited just another 2 months I would have been SOL.
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Old 03-03-2011, 02:06 AM   #12
Kentrik
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Ouch.


At least Cusco is back and working again...
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Old 03-04-2011, 05:42 AM   #13
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Dang it..I better buy that ZS CF Grill I been wanting for awhile.
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