Exclusive: FUELL announces bankruptcy, offers ‘cold comfort’ to stranded e-bike customers
FUELL Inc., the electric bicycle and e-motorcycle startup built largely on the name of the legendary motorcycle visionary Erik Buell, has entered into chapter 7 bankruptcy proceedings.
For some time now, I’ve been attempting to chase down answers from the electric bicycle maker FUELL regarding the company’s failure to deliver on its popular Flluid-2 and Flluid-3 e-bike launch and the company’s seemingly incommunicado status. After wading through bounced-back emails from apparently terminated marketing staff, I finally got an answer in the form of a reply to a direct inquiry to the company’s CEO, Francois-Xavier Terny.
However, that reply didn’t come from Terny himself, but rather the lawyer who I learned is now representing FUELL in its new bankruptcy proceedings, which were filed yesterday.
Below is the text of the letter I received.
October 17, 2024
To the creditors of Fuell Inc,
I am currently representing Fuell Inc. in a chapter 7 bankruptcy proceeding filed in the U.S. Bankruptcy Court for the Eastern District of Wisconsin on October 16, 2024 as case #24-25492. A trustee has been appointed to liquidate the assets of the Company. All creditors will be advised to file claims in that proceeding as it appears that there may be assets for payment of unsecured claims after all of the secured claims are paid or otherwise dealt with. A copy of the Notice of the Case is posted nearby.
Management regrets the Company has been forced to take this path. Unfortunately, the Company lacks funds to pay for the labor costs and other required services necessary to assemble and ship products to its customers, and additional funds could not be raised to pay the Company’s outstanding current liabilities or to pay for the assembly and shipment of pre-ordered electric bicycles. I hasten to add that the Company has on hand what it believes to be the parts necessary for the assembly of the bulk of, if not all of the pre-ordered electric bicycles.
After consultation, management has determined that a promptly filed chapter 7 was the best way to provide value for the significant assets held by the Company including, but not limited to, a purchase from the bankruptcy trustee of substantially all of the assets of Fuell Inc. by an interested party who may subsequently, with effort and negotiations, potentially restart the operations and move forward. Obviously, this is the route preferred by management, but it is complicated and fraught with risk. Any creditor or interested party that has such an interest should be contemplating retaining experienced bankruptcy counsel to negotiate with the Trustee for such a purchase.
As the Company has little to no funds, and no employees, it is unable to directly answer creditors’ questions concerning specific orders. Creditors may direct questions to the Trustee who will be apprised of the situation. Since there are no employees at the Company to respond to questions at this time, current inquiries to the company will go unanswered.
All known creditors will receive the notice of the bankruptcy filing and advised to file claims. If you have placed a deposit for the purchase of a product, your claim may be entitled to priority to an extent. You may want to consult with a lawyer on this issue.
Great effort is being made to provide enough information in the bankruptcy schedules so that there is at least a possibility that a potential purchaser of the assets may be able to restart the Company or otherwise redeploy the assets to produce the product intended. Current equity will lose everything that is been invested in the company through this chapter 7 bankruptcy filing.
We trust that this information may be of some cold comfort to you as a creditor of the Company and will certainly give you an idea of what you can expect in the immediate future. As indicated above, you will be notified of the bankruptcy filing as a creditor or other interested party.
If you have an interest in purchasing the assets through the bankruptcy process or know of anyone who may have such an interest, you may contact the Trustee or the undersigned to discuss potential avenues to accomplish that.
Sincerely,
PAULG. SWANSON
Attorney at Law
The deadline for claims to be submitted has been set for December 26, 2024, as described in a notice that accompanied the above letter from Fuell’s lawyer.
Chapter 7 bankruptcy is a legal process in the United States that allows individuals or businesses to eliminate most of their unsecured debts by liquidating non-exempt assets. A court-appointed trustee oversees the sale of these assets, and the proceeds are used to pay off creditors. It’s often referred to as “liquidation bankruptcy” because assets are sold off to settle debts.
In this case, the trustee for FUELL’s bankruptcy is Titania D. Whitten of Whitten Law Offices in Wauwatosa, Wisconsin.
FUELL Inc. was founded in 2019 as a novel electric bicycle and motorcycle company, quickly gaining momentum after is unveiling of high-performance, innovative electric bikes designed for urban commuting. Founded by Erik Buell, a legendary figure in the motorcycle industry, FUELL focused on combining sleek design, advanced technology, and sustainability in its electric mobility offerings.
The company’s first electric bicycle model, the Flluid-1, was widely deemed a success, but controversy swirled around FUELL’s Flluid-2 and Flluid-3 models, which raised over US $1.5M in crowdfunding through an Indiegogo campaign but failed to deliver at scale.
Not long after the campaign ended, I had the chance to test ride one of several early production Flluid-3 electric bikes at Eurobike 2023. At the time, the bike worked quite well and promised a refined commuter experience. However, the company explained that the Valeo internally geared mid-drive motor was a sticking point in production, requiring further custom modifications and slowing down production.
A steady stream of updates slowed to a trickle over the next year and eventually stopped entirely, leading many to worry that the project had been abandoned or that the company was headed for bankruptcy.
Several other high-profile e-bike company bankruptcies added fuel to the fire, with yesterday’s announcement finally bringing closure to the question, though certainly not to the hundreds of customers likely never to receive their FUELL Flluid electric bicycles.
With just over two months left for creditors to make a claim in the bankruptcy filing, hopefully those customers will be able to recover some or all of their money.
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The electric Tacoma and 4Runner may not be a pipe dream after all. Toyota is hinting that EV versions of the popular pickup and SUV could be coming to the US.
Is Toyota launching Tacoma and 4Runner EVs?
Toyota took the spotlight this week in Brussels, unveiling three new electric SUVs set to arrive in Europe by the end of the year.
Although the event was heavily focused on its European lineup, we are learning a little more about what to expect in the US.
For one, Toyota unveiled the new bZ4X. In its first major refresh since launching in 2022, the electric SUV now has more range, faster charging, dedicated EV features, and a new look inside and out.
Although US specs were not revealed, the new Toyota bZ4X has a bigger 73.1 kWh battery, providing up to 573 km (356 miles) WLTP driving range. On the EPA rating system, it’s expected to see around 270 to 280 miles range, up from 252 miles in the 2025 bZ4X.
During the event, Toyota’s chief branding officer, Simon Humphries, stressed the company’s focus on creating “ever-better” cars specifically tailored to buyers in the region.
In Europe, Toyota is launching the new bZ4X, C-HR+, and Land Cruiser electric SUVs. In China, Toyota offers the bZ4X, bZ3C, and recently introduced bZ3X, all dedicated EVs.
Toyota only offers the bZ4X in the US outside its luxury Lexus brand, which sells the RZ. That is about to change soon.
The Japanese auto giant invested over $2 billion to build its first three-row electric SUV at its Kentucky manufacturing plant. The larger SUV will go into production in the first half of 2026.
Humphries hinted at a few new EVs we could see from Toyota over the next few years, saying there’s “unbridled opportunities for recreation in America, with the Tacoma and 4Runner.”
Toyota teased a new electric pickup and SUV that will launch in Europe next year as it expands its EV lineup. With the company reportedly dropping the “bZ” naming system, an electric Toyota Tacoma and 4Runner look more and more likely.
Last year, the Tacoma was Toyota’s top-selling pickup in the US, with over 192,000 units sold. The 4Runner was its third best-selling SUV (92,100), behind the RAV4 (475,200) and Corolla Cross (93,000). Fully electric versions could finally help charge up Toyota’s EV sales in the US.
How do you feel about an electric Tacoma pickup or 4Runner SUV? Would you buy one?
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Environment
Elon Musk is giving Trump another $100 million just after the President did an ad for Tesla
Elon Musk is reportedly giving Trump another $100 million just after the President did an ad for Tesla at the White House.
During the last election cycle, Musk contributed more than $250 million to Trump’s campaign through donations to political action committees (PACs).
Trump has won, but he still needs money.
While he can’t seek reelection, the mid-term and Congress/Senate elections are coming. The GOP is looking to increase its control over the House and Senate. Furthermore, Trump doesn’t have the full support of the GOP, and Musk has made clear that he plans to invest money in the primaries against any GOP members who don’t support Trump.
Now, Axios and NYT report that Musk told the White House that he plans to contribute another $100 million in political donations to Trump and his PACs.
The news comes just a day after President Trump held a literal infomercial for Tesla, a company controlled by Musk, at the White House.
It raises concerns about the ad being a quid pro quo between Musk and Trump.
The publicity stunt also happened after Tesla’s stock crashed 15% the day before and 50% since its peak achieved in December.
Tesla’s stock price is important for Musk. It is his main source of wealth, and he often uses loans against the stock to finance his lifestyle and sometimes invest in other companies.
Electrek’s Take
It’s hard not to see that as a quid pro quo since Trump’s entire personality is about “making deals,” and he hasn’t been shy about asking for political contributions in exchange for favors before.
To me, it looks like Elon is panicking.
Tesla’s US sales amid protests against the company over Elon’s political involvement are likely badly affected, and this is his solution: to intertwin Tesla’s brand even further with the most controversial US President in modern history.
It’s so dumb. I am sure that Trump can help encourage a few people buy Tesla vehicles, but long term, this will hurt the brand even more.
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Yangwang is gearing up to officially launch its long-teased U7 sedan—a third flagship model for BYD’s high-end performance sub-brand. When it hits the market in China later this month, the U7 promises competitive luxury and “groundbreaking technology.”
Yangwang, which directly translates to “looking up” or “admire” is a young luxury brand under the BYD umbrella introduced in 2023. The marque turned some heads out of the gate at that year’s Shanghai Auto Show, where it unveiled the U8 SUV, which can go amphibious in emergencies and crabwalk.
At that same event, the automaker showcased its new intelligent body control system, DiSus, and the unique usage of BYD’s proprietary individual wheel drive (IWD) technology platform, “e4.” Yangwang has followed up with a 1,200 horsepower electric supercar called the U9, which has hit the markets in China alongside the U8.
In early 2024, Yangwang unveiled its first sedan, the U7, to complete an initial trio of flagship models. Since then, we have covered several updates, including what appeared to be leaked performance specs detailing over 1,300 horsepower and over 500 miles of range.
The U7 hit showrooms in China last summer followed by a start of pre-orders in November, although pricing was not available at the time. We have since learned that the Yangwang U7 will start at a price of RMB 1 million ($138,000) and will come in BEV and PHEV variants.
Today, we learned when and where we will learn all the confirmed specs and pricing in regard to the Yangwang U7 – which will be on March 27 in Shenzen, home to BYD’s headquarters.
Yangwang U7 can remain stable if rear-ended at 100 km/h
Yangwang shared the launch event image seen above on its Weibo page today, detailing that the public will learn all there is to know about the sedan on March 27 at 7:30 PM Beijing time (7:30 AM EDT). Per its post, Yangwang is promising the U7 will hit the market with “groundbreaking technologies,” some of which it showcased in separate posts on the Chinese social media platform.
For example, Yangwang shared its new DiSus-Z technology, based on the DiSus body control system mentioned above. This will be the most high-end and best-performing version of the system, joining an intelligent vibration-damping body control system called DiSus-C, an intelligent air body control system called DiSus-A, and an intelligent hydraulic body control system called DiSus-P.
According to the post, DiSus-Z has completed research, development, and testing and is set to debut on the new sedan. Yangwang also teased some safety capabilities of the new U7, sharing that the sedan can get rear-ended while driving 100 km/h (62 mph) and remain in control without spinning out. Check out the brand’s Weibo for a video demonstration. Additionally, the U7 can still drive steadily after blowing out two tires on the same side while driving 160 km/h (99 mph).
According to previous statements by Yangwang, the BEV version of the U7 will feature a 135.5 kWh battery pack powered by BYD Blade batteries exclusive to the sedan, capable of delivering 720 km (447 miles) of CLTC range. Those performance specs and several other details should be confirmed on March 27 in Shenzen. We will provide a full recap once we learn more.
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