Vancouver electric-vehicle company VeloMetro Mobility (Veemo) runs out of money

Vancouver electric-vehicle manufacturing and online sales business VeloMetro Mobility has declared bankruptcy.

According to a statement from Vancouver accounting firm Grant Thornton, VeloMetro Mobility Inc. (doing business as Veemo) has filed an assignment in bankruptcy effective Jan. 23, 2023 at 3 p.m.

All creditors (people or businesses that are owed money) have since been notified, with a first meeting of the creditors scheduled for Feb. 7, 2023.

Veemo’s flagship product – a three-wheeled semi-enclosed battery/pedal vehicle – was launched in 2016 and has since been refined to allow it to be operated on bike lanes without a driver’s licence.

A statement on the company’s website dated Jan. 19, 2023, said that Veemo had learned that it would not be able to “say with confidence” that it would be able to deliver vehicles to people who had paid a deposit to reserve a vehicle.