Ebusco, a Netherlands-based motor vehicle manufacturer, has submitted a request to the Netherlands Employees Insurance Agency (UWV) and informed trade unions about its plans to restructure, impacting 102 Full-Time Equivalents (FTEs), or nearly 16.5 per cent of its workforce as of September 30, 2024.
The affected positions are primarily in the production, warehouse, and facility departments. The restructuring, part of Ebusco’s Turnaround Plan, includes a social plan for employees aiming to balance decision-making speed with care for staff during this challenging period.
Christian Schreyer, CEO of Ebusco, says, “Although this decision is difficult for the affected employees, it is a necessary step to improve Ebusco’s financial performance.”
“Scaling down the inhouse production in the Netherlands is an important part of our strategy and these measures are aimed at right-sizing the company and reinforcing Ebusco’s core strengths in sales, design and engineering.”
“Although it was originally intended to spread this adjustment over a longer period, we have now chosen to expedite the process and provide clarity within a shorter timeframe. The measures are significant, and we are fully committed to supporting our employees in this transition.”
These organisational restructuring updates aim to optimise the company in line with its Turnaround Plan and transition to the Original Equipment Designer (OED) model, which is expected to be implemented in the first quarter of 2025.
Recently secured €36M
In November, Ebusco secured €36M in funding through a successful Rights Issue, with net cash proceeds of approximately €27.7M.
Christian Schreyer, CEO of Ebusco, mentions, “This capital raise is essential for the continuation of the company and I’m pleased to get the chance to move forward and further restore the company. The coming months will remain challenging, but with the dedication and determination I have seen at Ebusco, I’m confident we are able to improve our performance.”
Ebusco also allocated rump shares to Gotion for nearly €1.8M as part of a €5M commitment, which will be used to settle a debt owed to Gotion, as outlined in an agreement announced on 18 November 2024.
Ebusco plans to hold an Extraordinary General Meeting (EGM) in Q1 2025 to seek approval for issuing additional shares to Gotion at the same price as the Rights Issue. The proceeds will help cover the remaining debt, with Gotion having the option to purchase shares to settle the balance.
New organisational changes
In December 2024, Ebusco announced restructuring plans to create a leaner organisation as part of its Turnaround Plan and transition to the Original Equipment Designer (OED) model.
The company will dissolve the Executive Committee and manage operations directly from the Management Board, with the COO overseeing core processes. As part of this change, current COO Roald Dogge will retire, and Michel van Maanen, the company’s Transformation Director, is set to be nominated as the new COO.
Additionally, roles such as Chief Technology Officer (CTO), Chief Human Resources Officer (CHRO), and Chief Commercial Officer (CCO) will be eliminated. CHRO responsibilities will be transferred to the CEO, while Engineering, Sales, and After Sales will report to the new COO.
Subject to shareholder approval at the upcoming Extraordinary General Meeting (EGM), Ebusco’s revised Management Board will include Christian Schreyer (CEO), Jan-Piet Valk (ad interim), Peter Bijvelds, and Michel van Maanen.
Brief about Ebusco
Founded in 2012, Ebusco designs, manufactures and distributes zero-emission buses and related products for the electric vehicle ecosystem. The company aims to promote sustainable, safe, and affordable transportation solutions.
The company’s buses operate in major European cities, including Amsterdam, Berlin, Munich, and Barcelona. As of June 2024, Ebusco employed 770 staff members and is listed on Euronext Amsterdam since October 2021.
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