Ebusco

Ebusco, founded in 2012 in the Netherlands, is an electric bus manufacturer for public transport that has gone through one of the most severe financial crises in the European mobility sector in recent years. Listed on the Amsterdam Stock Exchange, the company had built a prominent position in the zero-emission bus market, with hundreds of vehicles in service across various European cities. Between 2024 and 2026, however, Ebusco went through repeated liquidity crises: its financial statements repeatedly flagged going-concern doubts, with overdue liabilities exceeding available liquidity. 2025 showed mixed signals: revenue jumped to €76.6 million (from around €11 million in 2024) and the operating loss (EBITDA) narrowed from €132.6 million to €56.4 million, but the net loss remained heavy at €71 million, pushing net equity down to just €3.3 million (from €27.5 million a year earlier). The strategic response was a deep restructuring: bus assembly was shifted to contract manufacturers in Asia, while European facilities refocused on pre-delivery inspection and support functions. Headcount fell 46%, from 522 to 282 employees between end-2024 and end-2025. As of April 30, 2026, Ebusco disclosed it was in talks with strategic parties about a possible sale of a controlling stake in its bus division, following non-binding expressions of interest received after exploratory outreach. As of May 31, 2026, the remaining order book stood at 225 buses (107 firm orders, 118 call-off options). Ebusco's story is a case study in the financial difficulties that public transport electrification poses for European manufacturers, squeezed between high capital costs, compressed industrial margins, and Asian competition.