San Francisco-based electric motorcycle manufacturer Alta Motors has confirmed that it will be seizing business operation effective immediately, sending the company staff home as they hunt for future funding.
Reports citing an internal source at the company stated that it was amid of a strategic pitfall and was eagerly looking for an outside acquisition or investment.
A few weeks ago, Alta’s business relationship between Harley Davidson fell through which included further investment for the companies next motorcycle platform. Soon after this Harley-Davidson announced that it would be opening its own R&D facility in the San Francisco Bay area with the goal of developing a new drivetrain for electric motorcycles.
Currently, with Alta’s closed doors, it has effectively ended its burn-rate of capital that would have otherwise allowed serious offers of investment and acquisition.
The company was enjoying a successful year with 50% growth in the previous quarter of 2018 with roughly 1,000 units sold to customers along with a backlog of 300 units to still work through.
Alter displayed a successful progress with a network of roughly 70 dealerships in the electric dirt bike business despite the obstacle put by the petrol patriarchy.
The current line-up of electric dirt bikes has been garnering plenty of attention of motorcycle enthusiast as well as journalists, especially after the companies price reduction and the launch of ‘R’ spec of the machines.
The price reduction on the Redshift line of motor electric motorcycles weighed heavy on the company, however, it proved the possibility of these kinds of Machines in such a market.
Reports suggest that Alta had previously turned down one acquisition offer and was in the process of accepting the second proposal which fell through at the final hour for the start-up.