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Old 03-30-2012, 11:30 AM
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Post Azure Dynamics files for protection, Transit Connect Electric production halted

Filed under: Hirings/Firings/Layoffs, Ford, Earnings/Financials, Electric

Azure Dynamics, which develops electric-drive powertrains for automakers such as Ford, said this week that it will file for financial protection from its creditors under Canadian law and will cancel its plans to sell shares in what may be a precursor to a bankruptcy filing.

Azure is the company that adds the all-electric powertrain to Ford's practical little Transit Connect Electric. For now, no new TCEs will be made. Azure's Mike Elwood told AutoblogGreen that production of the Transit Connect Electric has stopped as a result of the restructuring and that, "While we go through our restructuring there will be no TCE activity until we present an approved plan." We're told that warranty issues for those who have already purchased a Transit Connect Electric will be a part of this plan.

Ford's Wes Sherwood told AutoblogGreen that Azure's filing does not affect Ford's overall EV and green-vehicle strategy. "Our priority is to ensure that Azure's Transit Connect Electric customers continue to have support throughout their ownership experience," he said. "Our Ford electric vehicle product plans remain on track, as part of our commitment to provide customers the power of choice for fuel economy solutions across our lineup - from EcoBoost-powered vehicles and hybrids to plug-in hybrids and full electrics."

Azure Dynamics joins a list of companies that were looking to capitalize on an increase in demand for battery-electric and plug-in hybrid-electric vehicles but have had problems staying afloat. Extended-range plug-in utility vehicle maker Bright Automotive folded last month amid its claims that the federal government took too long to process the $400 million in loans promised to the company, while Fisker Automotive, which makes the extended-range plug-in Karma, has faced questions about its own future and most of the federal government loans earmarked for the company have been delayed.Continue reading Azure Dynamics files for protection, Transit Connect Electric production halted
Azure Dynamics files for protection, Transit Connect Electric production halted originally appeared on Autoblog on Fri, 30 Mar 2012 10:28:00 EST. Please see our terms for use of feeds.

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