"It's just such a shame, because it was a really good idea and a decent product but lacked the appropriate price point and follow-up development," a Vectrix insider told DealerNews. "My whole thing was dealer health -- if the dealers are healthy everybody wins -- and they just didn't understand that."
Vectrix is on the verge of filing for bankruptcy after failing to find the investment, loan or government bailout it's been seeking since April. While we hate to see a motorcycle maker go under, particularly an early innovator in the field of electric vehicles, we've heard from multiple dealers and customers who have expressed dissatisfaction with both the product and the company's business practices.
The $10,495 Vectrix VX-1 electric scooter allegedly didn't live up to
expectations for quality and range while dealers complained of being
forced to purchase too much stock up front with very little support
from the manufacturer. European dealers were also dissatisfied by the Vectrix VX-2, which was only a rebodied, more expensive version of an electric scooter many already had in their showrooms.
The company's President and CEO says he expects to file for bankruptcy within 30 days.