Lightyear’s Operating Company Enters Bankruptcy

• Dutch EV startup's operating company, Atlas Technologies BV, enters bankruptcy days after production of its first EV has been halted.

• The company initially announced suspended production of the Lightyear 0 to focus all energies on bringing the Lightyear 2 to market, starting in 2025.

• The EV startup's first EV had a starting price of around $260,000 while offering a range of 388 miles, and was produced under contract by Valmet Automotive in Finland.

Just days after Lightyear indicated it was halting production of its innovative and partially solar-powered Lightyear 0 sedan to focus on its next model, the company has entered bankruptcy. The Dutch startup, which was present at CES less than a month after production of its first model began, has now stopped payments to its operating company, Atlas Technologies BV, which contracted Valmet Automotive in Finland to produce the high-tech—and high-priced—electric sedan.

The fate of the company's second model, the Lightyear 2, is now uncertain as the company navigates bankruptcy. Lightyear aimed for a production start in 2025 for the Lightyear 2, as well as a starting price just below the $40,000 mark, promising a range of 500 miles between recharges thanks to solar panels and other technologies.

"As announced on January 23, we had to submit the request for the opening of suspension of payment proceedings with respect to Atlas Technologies BV, our operating company responsible for the production of Lightyear," the company said in a statement.