Electric Car Company Calls It Quits

Before you go, we thought you'd like these...
Before you go close icon

electric carFor 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
Read Full Story
Credit Card Compare

Credit Card Compare

Whether you're looking for great travel rewards or low annual fees, find the card that's right for you.

Compare Now

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners

Large Numbers Of Horses Are Being Stuffed Into These Crates For A Despicable Reason Large Numbers Of Horses Are Being Stuffed Into These Crates For A Despicable Reason
13 People Recount Their First Kiss Horror Stories 13 People Recount Their First Kiss Horror Stories
Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going Man Suspects His Wife Is Cheating On Him - Then His Daughter Reveals What's Really Going