Vectrix back in Business

13 posts / 0 new
Last post
toddub
Offline
Last seen: 14 years 4 months ago
Joined: Friday, November 6, 2009 - 06:34
Points: 13
Vectrix back in Business

I just read this article on line.

http://londonbikers.com/news/12571/vectrix-steers-a-new-direction

Claims a company called Hesketh Motorcycles Ltd made a deal with Vectrix

Check it out.

~Todd

R
R's picture
Offline
Last seen: 2 months 3 weeks ago
Joined: Thursday, June 18, 2009 - 09:46
Points: 1768
Re: Vectrix back in Business

Nice search. New Vectrix is the owner??

qmprius
Offline
Last seen: 5 months 3 weeks ago
Joined: Thursday, April 9, 2009 - 08:00
Points: 15
Re: Vectrix back in Business

"Hesketh Motorcycles Ltd “HMC” (A division of Hesketh Motor Company Ltd) is pleased to announce that it has secured an exclusive deal with New Vectrix, which is continuing production of its world-renown zero emission electric bikes.

The bikes will be sold in the UK under the brand name “Hesketh” and will be called the Hesketh HZE-Vectrix. It will be marketed as a premium product for the commuter market with two new models expected during the course of 2010"

Well from this paragraph I understand New Vectrix is the new owner and in UK Vectrix will be sold under the brand Hesketh, so I suppose Vectrix is the mark for non UK market.
Regards.

Buzby
Buzby's picture
Offline
Last seen: 5 years 5 months ago
Joined: Saturday, April 26, 2008 - 08:13
Points: 318
Re: Vectrix back in Business

With all due respect to Hesketh for taking the initiative - I'm afraid meglomania doesn;t hold well with me. The Mini remains the mini whether it was made by BL or BMW. Hesketh are only the distributors, and whilst they can call it what they like, it will still be a Vectrix (how many believe it will be called 'New Vectrix'...?).

Hopefully they've a solid business plan, and are not loooking at blind faith as their guidance, but the ex-Vectrix guys in the UK, if not taken on - mean a loss of much operating intelligence that will be hard to regain.

- Raymond

moccasin
moccasin's picture
Offline
Last seen: 9 years 6 months ago
Joined: Friday, July 11, 2008 - 19:05
Points: 494
Re: Vectrix back in Business

I'm still betting that Hesketh bought Vectrix's standing inventory of parts and bikes, which might give New Vectrix some capital funds for a company restart. It may have also come with a contract that New Vectrix will continue to supply inventory to Hesketh after the current stash is depleted. Time will tell, but the main consideration is that the idea and Vectrix concept is not dead, just struggling to find a solid and reliable market.

sparker
Offline
Last seen: 9 years 6 months ago
Joined: Thursday, July 23, 2009 - 03:59
Points: 86
Re: Vectrix back in Business

Priced at that level they're going to find it hard. I paid £5,300 for my bike 14 months ago direct from Vecrix UK. e-motive lithium bikes are coming out next year priced from £2,995 to £3,995 - the top end one is quoted at 66mph and up to 80 mile range. I really want Vectrix to succeed but if I was buying now I'd probably discount them on price alone. Hopefully spares will be more readily accessible. I'm sure going to miss the convenience of popping along to the 'shed' that was Vectrix UK.

kevin smith
kevin smith's picture
Offline
Last seen: 9 years 8 months ago
Joined: Monday, December 29, 2008 - 04:57
Points: 446
Re: Vectrix back in Business

does any one know of the history of this company as its new to me
hesketh am i asuming that they have millons spaire???
and am i right in saying that they will honer bike warrany that are not two years old yet???
chears kev

procrastination inc
procrastination inc's picture
Offline
Last seen: 10 years 2 months ago
Joined: Tuesday, October 6, 2009 - 00:06
Points: 341
Re: Vectrix back in Business
reikiman
reikiman's picture
Offline
Last seen: 12 months 2 days ago
Joined: Sunday, November 19, 2006 - 17:52
Points: 8447
Re: Vectrix back in Business

I've been checking this out as well as I can and the situation is not 100% clear.

I've published an article: Is Hesketh Motors signaling the rebirth of Vectrix? ..

The press release and articles make it seem that Hesketh will simply be a distributor for Vectrix bikes.

I've been reading through a bunch of bankruptcy documents and it's clear the bankruptcy process is still ongoing. Originally the auction was to have been held on Oct 26 but it was delayed until Nov 4 and there is a different appearance listed to occur on Nov 16. One document shows that "Vectrix Corp" has been allowed to change its name to "Electric Scooter Wind Down Corp". Another document says that certain assets have been sold to "Vectrix Acquisition Corp" but there wasn't, that I could find, a list of those assets.

I wasn't able to find any announce from New Vectrix (aka Vectrix Acquisition Corp) as to the makeup of the new corporation. I wasn't able to find anything on the disposition of Vectrix Europe. However one document does say that Vectrix Poland is in bankruptcy proceedings under Polish law.

Mik
Mik's picture
Offline
Last seen: 8 years 1 week ago
Joined: Tuesday, December 11, 2007 - 15:27
Points: 3739
Re: Vectrix back in Business

One of the core components of the whole renaming exercise is the getting-rid-of-the-warranty-hangover part!!

A few people around here seem to be deluding themselves that their warranty will remain intact. The warranties are already gone, except for warranty claims which occurred before Vectrix filed for bancruptcy.

The whole point of the 'Proof of claim form" and "Bar date" process is to bar all further claims, forever!

So that the new owner, whoever it is, will not have to provide any warranty work or costs!

Interesting how no-one except Reikiman, Marcopolo and myself seems to be reading any of the actual legal documents; but as soon as someone makes promises at a motorbike fair somewhere it is big news on V!

This information may be used entirely at your own risk.

There is always a way if there is no other way!

reikiman
reikiman's picture
Offline
Last seen: 12 months 2 days ago
Joined: Sunday, November 19, 2006 - 17:52
Points: 8447
Re: Vectrix back in Business

One of the core components of the whole renaming exercise is the getting-rid-of-the-warranty-hangover part!!

That wouldn't be because of changing the name, but because of what gets sold to the successor company. Warranties are carried as a liability on the books and the purpose of bankruptcy is to liquidate liabilities. That is, so far as I understand it.

I really think the core purpose of the naming dance is so the brand name 'Vectrix' can be sold to the successor company allowing it to use that name.

It was interesting reading through the lists of liabilities and assets ...

Mik
Mik's picture
Offline
Last seen: 8 years 1 week ago
Joined: Tuesday, December 11, 2007 - 15:27
Points: 3739
Re: Vectrix back in Business

...
...
That wouldn't be because of changing the name, but because of what gets sold to the successor company. Warranties are carried as a liability on the books and the purpose of bankruptcy is to liquidate liabilities. That is, so far as I understand it.

...

Of course, you are right!

I meant the whole chapter 11 bankruptcy process when I wrote "name change", but in the context of the recent name change from "New Vectrix" to " Scooter Winddown Company" (or something like that) it can of course only be understood that way. My fault.

If the same people buy back the company under a new name, minus the debts and minus the warranty obligations, that's the "name change" I meant.

The new buyers might not be completely safe from a warranty cost blowout, though. If I understand that correctly, then in case the total of warranty claim exceeds US$2,000,000.- , then the costs get share between Vectrix Corp. (i.e. taken from the other debtors payouts) and whoever buys the remains.

This information may be used entirely at your own risk.

There is always a way if there is no other way!

AndY1
AndY1's picture
Offline
Last seen: 10 years 8 months ago
Joined: Tuesday, June 17, 2008 - 04:29
Points: 1071
Re: Vectrix back in Business

Mik, apparently Hesketh Motorcycles offers warranty extension plan that covers their previously-sold bikes and supply the shops with new product as well.
http://green.autoblog.com/2009/11/14/new-vectrix-picked-up-by-hesketh-motorcycles-in-the-uk/

HMC will now offer the UK dealers a warranty extension plan that covers their previously-sold bikes and supply the shops with new product as well. There might also be two new models in the pipeline for 2010, though no details are being given at this time. We can only hope they decide to move the technology forward with lithium cells rather than lead-based backward direction of the two disastrously-debuted models from last January. Perhaps they'll be bold enough to pull out the eye-popping and multi-award winning superbike concept they had earlier shelved. Press release after the break.

Log in or register to post comments


Who's online

There are currently 0 users online.

Who's new

  • Juli76
  • xovacharging
  • stuuno
  • marce002
  • Heiwarsot

Support V is for Voltage