insolvency

Funds that would have kept the company afloat ‘have not materialized in time’ despite a previous ‘breakthrough’ in its search for an investor.

Manufacturer has raised an estimated $750 million in private capital from backers including Mercedes-Benz, Honeywell, and Blackrock.

Move could result in the liquidation of the company through either the sale of individual assets or the entire business.

Company had planned to launch in South Florida, California, and Puerto Rico as soon as 2026.