Another EV maker down. Azure Dynamics is filing for creditor protection after Canada's investment regulatory agency denied their request to issue new shares, which Azure needed to do to generate operating capital.
That's because Azure wasn't selling many electric vehicles, not enough to support operations.
I am somewhat disappointing, because Azure is a relatively mature player, and wasn't going after exotic 3-wheel cars or anything fancy, they are in what should be a solid business: retrofitting existing designs with electric powertrains.
The problem remains, that the EV conversions are so expensive (batteries!) that few businesses can afford to buy them in lean times, even though they do save a lot of money in the long run, in fuel savings.
I hope Azure survives, but the future for small EV players looks dim.
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