British electric motor maker Saietta goes into administration
2 mins read8 March 2024
British electric motor developer Saietta has gone into administration after running into cashflow problems. The Silverstone-based company[1] built lightweight axial flux traction motors aimed at smaller EVs, such as motorbikes and three-wheelers. It was unable to keep itself afloat after backing out of a deal earlier this year to contract-manufacture electric steering pumps at its plant in Sunderland.
Saietta put itself up for sale in February but as of 4 March hadn't received an offer with enough cash attached to keep it going, it said in a filing to the London Stock Exchange.
References
- ^ Silverstone-based company (www.autocar.co.uk)