Netherlands - This month electric bus builder, Ebusco Holding NV, based in Deurne, reported a sluggish set of mid-year financial results with revenues of EUR 41.7 million in H1 2023. Ebusco’s earnings before interest, taxes, depreciation, and amortisation (EBITDA) was EUR - 43.5 million leading to an overall loss of EUR - 35.8 million. This was in large part caused by delivering fewer buses than expected because of skilled labour and component shortages. These late penalties have negatively impacted the company’s bottom line. To mitigate further issues, the company is working closely with European and Asian partners to increase production capacity.

In order to finance short-term cash flow (liquidity) issues, Ebusco has secured a two-year loan of EUR 41.5 million. This is in addition to the existing bank guarantee of EUR 50 million. Looking ahead to 2023, the company has a strong order book which increased by 320 buses in the first half of the year, to a level of 1,794 (of which 677 are Ebusco 3.0’s). The cash injection will help the company meet these production deadlines.