ElectricMotorcycleForum.com
Makes And Models => Energica => Topic started by: MichaelJ on December 31, 2024, 12:40:39 PM
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RE: Energica Owners Association on Facebook (https://www.facebook.com/groups/461586766937140/)
It's early days at the moment so for those that don't have Facebook there may be an opportunity to set up a website and a mailing list at some point in the future. I will propose that to the group and see what they say :)
Hi,
to follow up, I was wondering if anyone had a moment to share with those of us without a Facebook account if there's anything interesting happening over there with respect to the fate of the company.
Thanks!
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Sorry, I cannot tell anything from Facebook, but I found an interesting post on Reddit yesterday.
Someone got the Italian papers about Energica‘s insolvency.
https://www.reddit.com/r/EnergicaMotorcycles/s/UIrdHz4TXW
Unfortunately I cannot copy the text, but it is my understanding that the assets are valued at 4.3 million Euro of which 3.3 are warehouse inventory.
Auction appears to be running and highest bidder will be announced January 30th, 2025 with asking bid at 5.7 million.
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Jotjotde, thank you for the reminder about the Italian web site!
Original site in Italian: https://pvp.giustizia.it/pvp/it/detail_annuncio.page?idAnnuncio=4303553
Original site in English: https://pvp.giustizia.it/pvp/en/detail_annuncio.page?idAnnuncio=4303553
To download the English translation of the legal terms of the auction, scroll down to "Attachments" ("Allegati") and near "Doc 9_Bando di vendita ENG.pdf" click "Download document" ("Scarica documento").
Livia Cevolini (former Energica CEO) posted about it on LinkedIn: https://www.linkedin.com/posts/livia-cevolini_si-comunica-che-a-decorrere-dalla-data-activity-7275062507898101761-rJiN
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An auction is the next 'logical step' a company has to take in a bankruptcy to finalize the severance from the old shit bags, and make them a brand new ready to roll entity. Even if there is a buyer right now chomping at the bit, pace-ing back and forth waiting to get back to making bikes!! they STILL have to go thru the process... :o
Last I seen the Auction should be closed around the end of January, a winner will be announced hopefully, and then it all goes in front of a judge, or actually possibly judges, US and Ita, for a final approval and then the purchace paperwork finalized etc etc. With luck, we can see them fully back and running about March?
Do note the US side of the IS UP AND RUNNING NOW !! so they are not totally dead and desperately trying to get this finished so they can put this crappy page behind them and move forward with the world class service they originally intended to put out!
Aaron
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Do note the US side of the IS UP AND RUNNING NOW !!
Aaron
Hi Aaron, are you at liberty to help us understand what "up and running now" means? Your statement carries a lot of excitement, but what may an owner or prospective customer expect from them?
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Michael from what I read, the judge in italy told them to keep doing business as usual until things settle out. they initially closed down but the judge said to keep em working..... if that is true, I do not know, I am not in italy to see first hand, but if it is true, then they should still be able to work with you for parts and stuff.
the US Energica shop in california is still open and doing business to the best of my knowledge.
aaron
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Yeah, Energica of North America is a separate entity, corporately speaking. As long as whatever their revenue stream is, continues to keep payroll covered and the lights on in the shop they are still in operation.
I was just there last week. They're still putting bikes together for delivery to customers and taking in repairs. I guess people are taking advantage of the sale prices and rolling the dice on future support.
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Were you able to speak with them at all when you were there or was it just a quick visit for parts or whatnot and that's it? curious if they were able to give you any insights on what the current status is, besides waiting for the auction to close things out.
The fact that they are still pumping bikes out is a good sign, they are still ready and able to keep working, and they have an income stream even now during this mess. Hopefully once the auction is done, the judge says ok it's settled, they can just slide right back into making bikes FULL TIME instead of bits and pieces now, with their new owners and everyone is happy again.
Aaron.
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The current situation is the dominant topic of discussion as much as it still the thing they know the least about. I think they show up for work and if everyone's keys still open the doors they go inside and start working. It's pretty day-by-day.
All of us (employees and owners) are just standing by to see who ends up owning our future and what they plan to do with it.
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Reminder: If you want to bid for Energica's assets, your offer has to be sent until tomorrow 1500 (1400 UST).
It is my understanding that the result of the auction will be presented Thursday at 1000 (0900 UST).
Let's hope for a happy ending!
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jojo agreed but pretty often, the first round is a no go.
It may have to go up a few times before a buyer finally settles on a price.
Buyer wants it cheap, does not want to take on past debt. ie new owner, clean books kind of deal.
First 'bid' wants everything owed, paid off. rarely does this happen.
Expect to see the minimum bid drop a few times before someone bites.
There ARE people interested, but are waiting for the price to be right.
Aaron
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Well, as the auction was set to already have taken place, there were no offers received within the deadline of the auction.
So either price will go down, or Energica will be sold in several parts I assume.
We'll hope for the best!
Jonas
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The future does not look bright for the electric motorcycle industry. :(
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The future does not look bright for the electric motorcycle industry. :(
The Alta specific internet forum has become the Alta and Varg internet forum. The guys are counting serial numbers and are over 10,000. I might note Varg was not on the radar so to speak when here we were discussing Damon.
Kawasaki has a small electric motorcycle, two variants the ninja z1 and Ze1 $7899 and there is a $1500 promotion on their hybrid 452cc/48volt.
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I hope for the owners sake that some form of support stays alive for Energica.
But remember Energica has been for sale for about a year with no takers.
Not too many people want to take over the Energica business model of selling $5 bills for $3.
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BTW, an article in my newspaper, written by Katie Lauer of the Bay Area News Group, titled: "Zero-emission bus push starts to stall", a couple of days ago mentioned that the U.S. transit agencies which had bought all-electric busses were having a tough time getting them serviced and obtaining replacement parts. Plus, the older busses are starting to break down and repairing them was very difficult. What caught my eye is that in the middle of the article Ideanomics was mentioned as having supplied these busses and that they had "filed for bankruptcy in December, which had led to staff shortages and delayed maintenance requests."
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Yeah, Energica of North America is a separate entity, corporately speaking. As long as whatever their revenue stream is, continues to keep payroll covered and the lights on in the shop they are still in operation.
I was just there last week. They're still putting bikes together for delivery to customers and taking in repairs. I guess people are taking advantage of the sale prices and rolling the dice on future support.
I purchased a demo 2023 Ribelle RS (150miles) from the Glendale, CA dealer in early December 2024, and they claimed that the full warranty was still included with the (heavily discounted) sale price.
They also stated: "... (I) spoke with Energica in South San Francisco yesterday about the situation, support, and pricing. We continue to sell and service bikes and get tech assist from them if needed."(http://)
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Yeah, Energica of North America is a separate entity, corporately speaking. As long as whatever their revenue stream is, continues to keep payroll covered and the lights on in the shop they are still in operation.
I was just there last week. They're still putting bikes together for delivery to customers and taking in repairs. I guess people are taking advantage of the sale prices and rolling the dice on future support.
I purchased a demo 2023 Ribelle RS (150miles) from the Glendale, CA dealer in early December 2024, and they claimed that the full warranty was still included with the (heavily discounted) sale price.
They also stated: "... (I) spoke with Energica in South San Francisco yesterday about the situation, support, and pricing. We continue to sell and service bikes and get tech assist from them if needed."(http://)
Not saying they are lying to you....but where are they going to get major spares they don't have... if required..?? My local dealer can't even get in contact with Energica Italy at present let alone get any sales or spares info.
Many of us ordered and paid for Experia centre stands when we bought the bikes...we never received them and probably never will.
Smithy.
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Yeah, I bought the bike knowing full well the warranty promise was likely a load of crap.
I bought a 2014 EBR 1190Rx in 2016 when EBR folded - taking the trade off of no warranty for the steep discount of a new bike still in the crate.
The Energica dealer was unable to get me any add-on bike accessories that I wanted, save for the front and rear paddock stands.
They had to pickup the front from the San Fran warehouse, but I got a matching pair sent to me out of the sale deal.
I am risking the bike purchase knowing that if I have any issue with it, I am at the mercy of the inter-webs, unless some new owner purchases the company and continues to provide parts & warranty service.
EBR is back in business much in same way - save for honoring the warranty - at least parts are o'plenty. :)
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BTW, an article in my newspaper, written by Katie Lauer of the Bay Area News Group, titled: "Zero-emission bus push starts to stall", a couple of days ago mentioned that the U.S. transit agencies which had bought all-electric busses were having a tough time getting them serviced and obtaining replacement parts. Plus, the older busses are starting to break down and repairing them was very difficult. What caught my eye is that in the middle of the article Ideanomics was mentioned as having supplied these busses and that they had "filed for bankruptcy in December, which had led to staff shortages and delayed maintenance requests."
I did not do too good finding the article this time. Same author different title
"Mitchell said that Wave — the manufacturer of the innovative wireless charging station — was acquired in 2021 by Ideanomics, a large conglomeration of zero-emission companies. Ideanomics filed for bankruptcy in December, months after securities regulators accused its executives of misleading investors about its financial performance, which led to staff shortages and delayed maintenance requests."
I push started a wv bus years ago. Have to push downhill and jump on to start my big two stroke singles last few years. Wonder if Katie ever did push start anything in the manner I have in mind.
Here is another qupte from the article i found titled Will the batteries that power electric buses stall California’s zero-emission mandates?
"When the agency began swapping out aging power boards, he said it also learned that the manufacturer of the buses’ battery packs had stopped producing and servicing that “legacy” system altogether." Hardly any moving parts to create maintance issues might be like electricity too cheap to meter.
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BTW, an article in my newspaper, written by Katie Lauer of the Bay Area News Group, titled: "Zero-emission bus push starts to stall", a couple of days ago mentioned that the U.S. transit agencies which had bought all-electric busses were having a tough time getting them serviced and obtaining replacement parts. Plus, the older busses are starting to break down and repairing them was very difficult. What caught my eye is that in the middle of the article Ideanomics was mentioned as having supplied these busses and that they had "filed for bankruptcy in December, which had led to staff shortages and delayed maintenance requests."
I did not do too good finding the article this time. Same author different title
"Mitchell said that Wave — the manufacturer of the innovative wireless charging station — was acquired in 2021 by Ideanomics, a large conglomeration of zero-emission companies. Ideanomics filed for bankruptcy in December, months after securities regulators accused its executives of misleading investors about its financial performance, which led to staff shortages and delayed maintenance requests."
I push started a wv bus years ago. Have to push downhill and jump on to start my big two stroke singles last few years. Wonder if Katie ever did push start anything in the manner I have in mind.
Here is another qupte from the article i found titled Will the batteries that power electric buses stall California’s zero-emission mandates?
"When the agency began swapping out aging power boards, he said it also learned that the manufacturer of the buses’ battery packs had stopped producing and servicing that “legacy” system altogether." Hardly any moving parts to create maintance issues might be like electricity too cheap to meter.
What you found contained much of what I read in the article that I found published in my local newspaper. It just sounds like different version of it. The article that I read started out discussing electric busses and then covered the topics that you mentioned in the article you found.
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jojo agreed but pretty often, the first round is a no go.
It may have to go up a few times before a buyer finally settles on a price.
Buyer wants it cheap, does not want to take on past debt. ie new owner, clean books kind of deal.
First 'bid' wants everything owed, paid off. rarely does this happen.
Expect to see the minimum bid drop a few times before someone bites.
There ARE people interested, but are waiting for the price to be right.
Aaron
The first part of your prediction came true. I hope the rest does, too.