UK-based Lunaz Group has announced a stop in the production of luxury electric cars from classics and is currently undergoing a restructuring process. It’s not insolvency just yet, but whether we will see another Lunaz electromod is hanging in the air.
The company was founded in 2021 and quickly rose to popularity with its flawlessly executed projects. Star soccer player David Beckham helped fund it among others, and it has so far tackled such brands as Land Rover, Rolls-Royce, Bentley and others. Every car made received a full restoration inside and out along with a fully electric powertrain.
A chain of unfortunate events, potentially linked, is what caused the downfall. EV sales started declining worldwide. Seeing this, the UK Government decided to postpone the country’s complete transition to electric transports from 2030 to 2035.
As a result, the investors who had a stake in Lunaz found its profits lacking and its prospects uncertain in the changing market. The company had to lay off 40 employees at its HQ in Northamptonshire, but it didn’t help and the whole group ceased operation several days after.
It is now everyone’s guess how Lunaz may recover from this shock and whether it will relaunch its electromod business.