Sunday, August 18, 2013
Wiesmann Files For Insolvency As Luxury Car Demand Wanes
Mon., August 19, 2013
Wiesmann GmbH, a German maker of retro-style luxury sports cars, has filed for insolvency at a local court and said it’s seeking strategic partners and investors, Bloomberg reported. Rolf Haferkamp remains chief executive officer and plans to restructure the company, Wiesmann said in a statement yesterday. Operations will continue at the headquarters and plant in Duelmen. Engines are supplied by Bayerische Motoren Werke AG (BMW), the world’s biggest maker of luxury vehicles. Wiesmann was founded 25 years ago by brothers Martin and Friedhelm Wiesmann, who developed the first prototype in the cellar of their home. The company, which markets cars combining “timeless design and modern technology" -- has 110 employees and has sold more than 1,600 of its handmade vehicles with maximum annual sales of about 200 in Europe, the Middle East and Asia. The European car market has showed the signs of improvement as a recession ended in the 17 countries using the euro. Car sales in July rose in Germany, France, the U.K. and Spain, and the decline in Italy was the least this year, following a drop across the region in June to the lowest demand since 1996.