Fuell and its Bankruptcy under Chapter 7
Fuell, the two-wheeled electric vehicle company founded by Erik Buell, a prominent figure in the American motorcycle industry, has filed for bankruptcy under Chapter 7. This means that it will not deliver motorcycles to customers who pre-ordered nor refund the deposits paid. After his departure from Buell Motorcycles, Erik Buell explored the electric mobility market with Fuell, initially offering electric bicycles and then a full-size electric motorcycle.
The Promising Features of the Fllow Model
Among the models offered, the Fllow (correct spelling) featured promising specifications on paper: a range of 150 miles per charge and a continuous power output of about 47 horsepower. Pre-orders for this motorcycle required a deposit of €92, with the balance of €12,875 due upon delivery, which was scheduled for September 2024.
The Reasons for Fuell’s Bankruptcy
Fuell declared bankruptcy due to the lack of sufficient funds to cover the production and distribution costs of its products. A similar situation was observed with the Flluid-2 and Flluid-3 electric bicycles (correct spellings). Although the company raised more than €1.38 million through a crowdfunding campaign on Indiegogo, these bicycles never entered mass production.
Unsuccessful Attempts to Save Fuell
Despite attempts to raise additional funds to repay debts and fulfill orders for bicycles, these efforts proved futile. The lawyer representing the company confirmed that all funds were exhausted and no employee was available to answer creditors’ questions.
The Difficult Context for the Industry
This bankruptcy comes at a particularly difficult time for the industry, with large companies such as KTM, Harley-Davidson, and Polaris facing serious challenges as consumer budgets for recreational vehicles are tightening. The current scenario suggests that the electric vehicle market will need to focus on providing reliable, economical, and accessible mobility solutions.
