Ebusco faces bankruptcy without ‘timely’ liquidity injection: shifts to OED model as revenue plunges 90% in 2024

Netherlands-based Ebusco, a motor vehicle manufacturing company, has published its results for the year 2024.

In what the company has described as a “year of transition,” Ebusco made a significant pivot in its production strategy — shifting away from in-house manufacturing to an outsourced model under the Original Equipment Design (OED) approach.

Christian Schreyer, CEO of Ebusco, says, “An OED model enables us to operate more capital-efficiently and reduce our risk profile. By leveraging our strengths—our top-tier product design and engineering capabilities—while outsourcing processes that have hindered our ability to scale, we can enhance our performance. Combined with other strategic choices, such as simplifying our portfolio to standard bus sizes and focusing on European markets. We are positioning the company to navigate the challenges ahead and ultimately become resilient again.”

Working with contract manufacturers for OED 

To enhance this model, the Dutch company has actively worked with both existing and new contract manufacturers to streamline processes and align contractual agreements.

As part of the ongoing optimisation of Ebusco’s production footprint and to maintain full flexibility, Ebusco can also produce casco monoparts at its contract manufacturer for casco assembly, while at the same time maintaining the ability and therewith the option to operate the full casco production in-house at its facility.

Besides changes in its production strategy, the Dutch company went through considerable changes in the management team, the start of a comprehensive turnaround plan, and organisational restructuring, explains the company in the report.

Christian Schreyer, continues, “2024 has been an extremely challenging year for Ebusco, and 2025 continues to be very challenging. While we have already taken significant steps, we recognise that there is still a long way ahead and the liquidity situation is still a major challenge. It won’t be a surprise that my first months as CEO of Ebusco have been very intensive. I joined Ebusco at a critical moment, in the midst of a massive and urgent turnaround, operationally and financially.”

Cancellation of bus orders

Furthermore, the company says it had to deal with some major setbacks such as the production halt and the cancellation of bus orders in the second half of 2024.

The fallout included a €16M revenue reversal linked to contracts originally recorded in 2023, along with an €18M reversal from sales in the first half of 2024.

As a result, the turnover for FY 2024 arrived at only €10.7M, well below the turnover as reported in Ebusco’s interim financial statements per 30 June 2024 (of €38M).

“I am very pleased to have Michel van Maanen on board to oversee Ebusco’s core process at Ebusco and implement the new operating model, bringing invaluable expertise from his proven track record in similar transformations. I would like to thank Jan Piet Valk for his support and guidance as interim CFO until today, which will be his last day at the company. As of 30 April, Mark de Haas has joined Ebusco as CFO ad interim. As a seasoned CFO, he is well equipped to guide Ebusco through the uncertain financial situation,” adds Schreyer

Cash reserve declined drastically

Ebusco reported an EBITDA loss of €132.6M for 2024, with net losses increasing to €200.8M.

By the end of the year, the company’s cash reserves had fallen to €2.4M, down from nearly €28M the previous year.

This year, management worked to stabilize the company’s finances, leading to a rights issue backed by shareholders in November 2024 to provide needed funds.

Despite the setbacks, Ebusco delivered 157 electric buses in 2024 and reported an order book of 581 units heading into 2025, providing a strong production pipeline into the first half of 2026.

Of the cancelled buses, 74 have already been reassigned to new customers — 21 buses to NIAG, 22 buses for the city of Rouen, and 31 buses to EBS.  

Consolidating into a single facility

Ebusco announced its intention to consolidate its two facilities in the Netherlands into a single facility, as part of the overall cost reduction program and the objective to create a leaner organisational setup.

The decision has been made to reallocate the Venray facility to Deurne.  

“Although the future holds many uncertainties, I believe we are on the right path. Market fundamentals are strong, with the electrification trend ongoing. And the market continues to value our product,” he adds.