Tag Archive | "business plan"

Vectrix May Declare Bankruptcy

Vectrix May Declare Bankruptcy


Vectrix Corp, headquartered in Rhode Island, had an assembly plant in Wroclaw Poland, and an R & D center in Bedford MA. They debuted their VX-1 scooter in mid-2007. Over the last year they launched two less expensive bikes, the VX-1E and the VX-2. At their height they had 90 dealers in the U.S. and nearly 160 dealers worldwide.

However, potential users criticized the VX-1 for a high price (compared to equivalent gas powered scooters). In addition, Vectrix had an expensive business plan which included creating a worldwide sales and service infrastructure.

As of July 15 2009 Vectrix have laid off all but essential staff. This follows a prior layoff in April and several announcements of strategic restructuring over the last few months. The company may either be sold or declare bankruptcy (or perhaps the goverment will bail it out? ed)

Irontically, they recently won two 2009 Green Good Design Awards for the VX-1 Maxi Scooter and for an electric Super Bike.

On May 1, 2009 Brammo announced that they had hired several “industry leaders” for their executive team. This included several former Vectrix employees. Brammo is now selling an electric motorcycle which is soon to be available through Best Buy.

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