Electric Car Company Calls It Quits
For every Tesla Motors Inc. (NASDAQ: TSLA) success, there is at least one failure in the electric car industry. One company just went under, less than a week after Tesla paid off U.S. government loans. Reuters reports on the end of Better Place:
Electric car company Better Place said on Sunday it had filed a motion in an Israeli court to wind up the company, bringing an end to a venture whose battery charging network had aimed to boost electric car sales.
Better Place partnered with Renault in 2008 to create an electric car system combining charging terminals with battery swap stations to increase the range of electric cars and put an end to drivers' worries about running out of power.
It raised more than $850 million from top-tier investors and just two years ago said it was valued at $2.25 billion.
But sales never took off, with only just over a thousand cars on the road in Israel and Denmark, the first two countries where it began operating.
Filed under: 24/7 Wall St. Wire, Autos, Bankruptcy, Green Biz Tagged: TSLA