X Shore Announces Bankruptcy, Says Company Will Remain Operational As Production Entity Halts

The X Shore 1

Despite announcing bankruptcy proceedings for their manufacturing arm, the company says they will remain operational despite the production halt.

The production arm of Swedish electric boatbuilder X Shore has filed for bankruptcy.

The production entity is based in Nykoping, Sweden and is home to 70 manufacturing jobs.

The X Shore brand itself, known as X Shore AB, says it will remain operational while the production arm of the business goes through bankruptcy proceedings. René Hansen, chief executive of X Shore, told Marine Industry News UK, “Following the bankruptcy filing of our former production subsidiary, the X Shore AB management team is meeting today with the appointed bankruptcy trustee to review options for continuity of production and next steps for the group."

“We are assessing available options to secure funding and continuity of production. Our priority is to maintain transparency, protect employees, customers and stakeholders, and ensure the long-term stability of the business.

“X Shore’s technology, design and commercial operations remain intact, and our long-term strategy – leading the electrification of marine mobility across leisure, professional and defence – continues unchanged,” he told the publication.

According to IBI, X Shore experienced a production delay last month at the Nykoping plant. Now production has been halted indefinitely as the company makes plans on how to proceed.

“X Shore has temporarily paused production at its Nyköping facility due to an operational disruption. Work to address the situation is ongoing,” Hansen told IBI on September 10th.

Since launching in 2016, X Shore has been at the forefront of electrification in recreational boating. The company has developed and produced three models -- X Shore 1, Eelex 8000, and X Shore Pro -- showcasing a unique blend of contemporary design, electric capability, and renewable manufacturing processes.

In 2022, the launch of the X Shore 1 was designed specifically to reduce the pricepoint for those looking to enter electric boating. The X Shore 1 carried a retail price less than half of the company's other boutique models and utilizes a new pre-preg production method developed at the Nykoping plant.

the X-Shore 1, like the others in the company's lineup, features a built-in swim platform and an open transom with a unique look and a surprisingly adaptable platform for recreational boating. Some of the company's signature design features include a central passage along the deck, a cantilevered roof, a retractable sun awning, watersports capability, and the use of renewable and recycled materials for parts of the interior. X Shore's battery system carries a 20-80% charging standard that can be done in about 90 minutes with a mid-range 22.5 kW charger, while a high-output 45kW charger can top up the battery bank in less than an hour.

The production company responsible for X Shore's boats has suffered significant losses in recent years. According to IBI, in the past three years the company's losses total €23m, or roughly $26 million USD. The parent company, X Shore AB, has losses over the same period nearly three times as high, according to public records. #news #xshore