Ebusco receives further €5.86 million support from Gotion (but needs additional short-term funding)

Ebusco has secured €5.86 million in production support from shareholder Gotion to complete its remaining Rouen bus order, but warns that additional short-term funding is required to sustain its operations.

The Dutch electric bus manufacturer announced the development on 9 October 2026, ahead of its Extraordinary General Meeting of Shareholders scheduled for the same day. According to Ebusco’s business update, the financial support approved by Gotion is restricted to materials and manufacturing costs and cannot be used to cover operating expenses. The company is currently discussing additional funding with shareholders, without having secured any binding commitment.

Ebusco also reported 19 buses delivered in the first nine months of 2026, an order book of 195 vehicles as of 30 September and a further 173 buses included in ongoing tender processes. The workforce has been reduced to 230 full-time equivalents, while discussions concerning potential strategic transactions involving its bus operations remain ongoing.

The announcement follows the company’s restructuring and financial difficulties, which included a transition from in-house manufacturing to an Original Equipment Designer (OED) model based on outsourced production. In June 2026, Ebusco reported an order book of 225 buses and outlined its plans for a gradual return to the market, while continuing to address liquidity constraints.

Gotion allocates €5.86 million to Ebusco’s Rouen order

Gotion, a strategic partner and shareholder of Ebusco since late 2024, has approved €5.86 million in financial support for the production of the remaining buses under the existing Rouen order. The financing will be provided through a Gotion group company and paid directly to suppliers and contract manufacturers.

Ebusco specifies that the amount is dedicated exclusively to the procurement of materials and manufacturing activities associated with the French order. It does not provide additional liquidity for the company’s general operating expenses.

The Rouen contract dates back to 2022 and concerns electric buses for the French city’s Bus Rapid Transit network.

Regarding its general liquidity position, “Ebusco requires significant additional short-term funding – the company states -. Ebusco is in discussions with a number of shareholders on such funding. No binding commitment has been obtained to date. Ebusco’s available liquidity is sufficient to fund its operations for a short period only.“

Ebusco also provided an update on the previously announced approximately €30 million Letter of Credit (LC) facility being developed with one of its Asian partners. The proposed facility would be supported by a corporate guarantee from Gotion. According to Ebusco, Gotion continues to support the provision of such a guarantee, although both the guarantee and the LC facility can only be implemented in connection with a concrete new bus order. The arrangement remains subject to Gotion’s internal approval and final contractual documentation. No completion date has been confirmed.

Ebusco adds that “Should there be no funding in the coming weeks for its operating expenses, there will be material uncertainty about Ebusco’s ability to continue as a going concern“.

Ebusco had 19 vehicles delivered in Q3 2026

Ebusco delivered three buses during the third quarter of 2026, bringing its cumulative deliveries for the first nine months of the year to 19 vehicles.

As of 30 September 2026, the company’s order book stood at 195 buses, including 77 firm orders and 118 call-off orders.

This compares with 225 buses reported at the end of May 2026, when the order book comprised 107 firm orders and the same 118 call-off orders. The number of firm orders therefore decreased by 30 units between the two reporting dates. Looking at the past, the company delivered 123 buses in 2025, compared with 157 in 2024, and reported a net loss of €71 million for 2025.

In addition to its existing order book, Ebusco reported an active commercial pipeline of 173 buses involved in ongoing tender processes at the end of September. These tenders concern both existing and prospective customers and are separate from the confirmed order book.

The company also reported further progress in reducing operating expenditure and adjusting its organisational structure following the transition to the OED production model.

The workforce decreased from 248 full-time equivalents at 30 June 2026 to 230 at 30 September, a reduction of 18 positions, corresponding to 7.3% over the quarter. The latest figures follow a restructuring programme under which Ebusco reduced its workforce from 522 full-time equivalents at the end of 2024 to 282 at the end of 2025.