Local Motors burst onto the scene over a decade ago with the Rally Fighter, and the company has shifted focus since then, but it looks like the fun is coming to an end. The company is shutting down this month for lack of funding, the likely culprit. Local Motors has not made an official announcement, but former employees have taken to LinkedIn to announce the news in personal messages.
Former Local Motors vice president of sales and customer success Chris Stoner told the professional social networking site that the company “will cease to exist effective Jan. 14.” Local Motors was founded in 2007, delivering its first model, the Rally Fighter, in 2009 after 18 months of development. Rally Fighter’s production ended in 2016 when the company introduced a self-contained electric nacelle called the Olli.
Ivan Golubic, the company’s former interim CFO, was a bit more ambiguous, writing: “In light of today’s announcement by Local Motors, the only thing I will say, I am so proud to be able to be a part of this leadership team and to lead the finance team through such difficult and exciting times. ”However, Jeff Hollowell, senior vice president of information technology at LM, started his post very much. more curtly: “Like most adventures, they have to come to an end. Local Motors has closed its doors. “
The reader was informed of the business shutdown yesterday, and Local Motors has not commented on the news. An anonymous source told the publication that the company’s demise was linked to a lack of funding. The company was evaluating its stand-alone Olli pods, but it’s unclear what will happen to the project. Motor1.com contacted Local Motors for confirmation and clarification of the situation. We will update this post if we receive more information.
The end of the company is sad, especially for one that offered such a fun and unique vehicle in the Rally Fighter, which housed a 6.2-liter V8 in its impressive design.