According to a report by Israel Corp., which holds 32% of the shares, causes are lack of orders in Denmark and Israel
Better Place, the leading electric vehicle services provider, has lost over NIS 1.5 billion (US$433 million) since 2009, according to a report released last week by Israel Corporation.
Israel Corp., which holds 32% of the company’s shares, reported that Better Place lost NIS 760 million (US$204 million) over the course of 2011 alone, as deployment of battery recharging and swapping stations has been delayed in both Denmarkin Israel from the scheduled date of April to the summer.
The report found that Better Place’s sales have matched those bleak predictions.
Better Place was expected to sell 115,000 electric cars in Denmark and Israel between 2011 and 2016, but the company is far behind those numbers. According to the report, the company has only received 100 electric car orders so far from Danish customers, even though it launched activity in the European country four years ago.
"Over the past four years, Better Place has invested some $400 million in the development and construction of national infrastructure", the company said in response, "the company has enlisted NIS 2.7 billion in private capital, a large part of which has been invested in the development of technology and the creation of hundreds of jobs across the country".
