Vectrix Corporation of The USA is entering its last days as an independant manufacturer. Actually, Vectix is likely on its last legs altogether! Soon Vectrix will soon join a host of other defunct brands, all of whom seemed to have a bright future during the height of a Fuel Crisis, but quickly became casulties of a economic recession when fuel prices dropped and money became scarce.
Vectix Corp, which only a year ago was captialised at nearly $400 million, is now almost completely out of cash, more alarmingly, Vectrix has made no practicable provision to honour the warrantees of nearly 3000 Vectrix units produced and sold to date.
Vectrix USA, has abandoned its bankrupt Polish manufacturing facility, (litigation pending). Likewise, Vectrix UK, a publicly listed company has also ceased trading, in such circumstances that it is unable to supply the London Stock Exchange with satisfactorily audited accounts.
Vectrix, has recently lost, or settle unfavourably, a number of Court proceedings against various distributors and suppliers. Perhaps the most telling of these is the recent collapse of Vectrix Corp USA case against its Australian distributor Vectrix Australia. Vectrix lost the litigation, and Vectix Australia was awarded extensive legal costs and damages, while leaving Vectrix Australia with an unchallenged counter-claim of $Aus 4 million against Vectrix USA. It would appear that the reason for Vectrix USA's sudden withdrawal, was the reluctance of CEO Mike Boyle or any other VUSA Director,(including In House Attourney, Cathy Meir) to appear, under oath, to answer charges of fraud and misrepresentation. This senario must be of great interest to litigants other Vectrix related actions, and may soon have its sequel in USA (probably Rhode Island )Courts.
I can only verify the general veracity of the above from available pulic records. However, by a strange coincidence I sat beside a very senior Australian Barrister, during a long flight to London, This lawyer who was intimately involved in the Vectrix Case, was kind enough to confirm the majority of my conclusions as being accurate.
Since then I have attempted to reach the CEO,CFO, Chairman, Cathy Meir, etc of Vectrix Corporation of the USA, to explain their side of matter or to put the record straight, but I am yet to receive any satisfactory explaination. I have pointed out that since I am both a shareholder/Investor and Vectrix customer, don't the Directors feel I along with other shareholders and customers deserve the curtesy of an explanation.
But no reply has been forthcoming.
I believe the explanation given by Vectrix to explain as to why no information can be released ( because the company is in talks with 'Major Players', the identity of whom must be kept secret) , is simply a fanciful ploy to buy time and the 'Major Players' will inevitably turn out to be more,time-wasting, inadequately capitalised, dreamers.
Meantime, the last remaining chances for Vectrix will be incompetently wasted.
The death of Vectrix is a damn shame! At its best, it was probably the only mass produced, high quality, freeway legal, consumer affordable EV.