Ebusco has set the goal to deliver between 250 and 300 vehicles in the year 2023, with revenue between 145 and 165 million euros. In the first half of 2023, according to CME Chatrou Solutions data, Ebusco had registered 121 e-buses.
The Dutch company is facing a though time on the stock exchange: its shares have today (12th October) a value of 5.29 €, and witnessed a -65% decrease in the last 12 months (it was 15 euros in October 2022). The loss compared to the time when the company went public (October 2021) is -77%, as Ebusco’s shares value at that time was around 23 euros.
In June 2023 Ebusco said that supply chain issues and labour shortages were still affecting the business, and the Dutch group was pushing to accelerate the scale-up of its production capacity with the help of three assembly partners in Europe and abroad.
Ebusco now works with assembly partners
Now Ebusco announces that “good progress was made with the first cascos assembled at our casco assembly partner. On the bus assembly side, the first Ebusco 3.0 buses have been successfully manufactured and the first shipments of Ebusco 3.0 buses are expected in November“. The name and location of the partner remains unknown (the only info is that it is an “international” assembly partner.
This year Ebusco secured a two-year financing facility of €41.5 million, in addition to its already existing bank guarantee credit facility of €50 million. The financing facility of €41.5 million is undrawn and management has implemented several cost savings and working capital improvement projects.
During the third quarter, Ebusco says it has gained new orders for 54 buses. Recently Ebusco and Deutsche Bahn extended their partnership for delivery of electric buses until 2026.
Peter Bijvelds, founder and CEO: “Following the announcements at the half year results, we have made strong progress with implementing our adjusted manufacturing strategy and good progress in optimising our day-to-day operation in the Netherlands, while navigating a challenging landscape. We are pleased to report that we have successfully expanded our 3.0 production capacity. This includes both the scaling of 3.0 casco production in Deurne and the start of production with international assembly partners. It is encouraging to see that our assembly partners have swiftly started the Ebusco 3.0 bus assembly and we can confirm that the first shipments are expected in the fourth quarter of this year. The delivery of Ebusco 3.0 buses to Transdev has continued at a steady pace during the quarter. In addition, we are currently in the vehicle acceptance phase with two customers, who will start operations with the Ebusco 3.0 in the fourth quarter of this year. The operational performance of the Ebusco 3.0 exceeds our and our clients’ expectations”.