Another tractor manufacturer out of business?

[Tractoraze]

Has anyone seen this that the company is for sale??

Electric Tractor Manufacturer Solectrac Goes Up for Sale

Solectrac, a manufacturer of electric tractors based out of Santa Rosa, Calif., has been declared as “assets held for sale” by its parent company, Ideanomics.

www.agequipmentintelligence.com

willy

It is a difficult market for smaller players.

 

[WM75Guy]

The parent company, Ideanomics, is having serious financial issues. Looks like Solectrac had been for sale for a while. When no one bought it, the parent company just shut it down. Ideanomics has been cutting salaries lately and hasn't filed their 4th quarter !0-Q yet.

This is from their SEC filing for the 2nd quarter 2023.

"In the second quarter, the company began the process to divest certain operating companies from within the Ideanomics group. After considering the provisions of ASC 250 Discontinued Operations, the company has concluded that Timios, Energica, Wave Technologies, Solectrac and US Hybrid meet the requirements to be presented as assets held for sale as of June 30, 2023. This will be a strategic shift for the company and will result in the presentation of one or more of these companies as discontinued operations in the second quarter."

This is from their SEC filing for the 3rd quarter 2023. Changed wording to include discontinued operations.

"During the nine months ended September 30, 2023, our business components Energica, Solectrac and Wave (the “held for sale businesses”) met the criteria for classification as assets held for sale and discontinued operations. However, as the held for sale businesses comprise the substantial majority of assets, liabilities, revenues and operating costs of the company’s continuing operations and the period of time over which the disposal events are expected to occur, we have continued to present these operations as continuing operations. We believe this provides more relevant information in the primary financial statements. While these assets are classified as held for sale as we assess active third-party interest, we do not anticipate the sale of all of these businesses. For those that we do decide to sell, it is expected that the majority of the balances attributable to the held for sale businesses will not be divested until 2024."

 

[pwhite42]

Sort of like the electric vehicle business. Automakers were all gung ho on EV's and found out not that many people wanted them. The EV market is pretty saturated as it is and with BYD coming here with their much cheaper Chinese EV's, that should put the icing on the cake.

Said before, I'd by a hybrid but never a pure battery powered vehicle. Living up here in the north, a battery powered vehicle just don't work for me. Same with an electric tractor. That 'going green stuff' don't play with me and never will.

What I find arcane is, countries like China and India are building coal fired power plants and care less about emissions while we 'embrace' the green stuff and keep getting farther and farther behind.

I agree. We bought a hybrid Rav 4 for my wife. 13 gallon gas tank, no range anxiety and you can run the heater in the winter. 42 MPG. As far as equipment, I have 2 diesel tractors and a diesel skid-steer. I wouldn't want to be clearing my 800 ft driveway with deep snow with a battery tractor. I'd never get done.

 

[CloverKnollFarms]

I agree. We bought a hybrid Rav 4 for my wife. 13 gallon gas tank, no range anxiety and you can run the heater in the winter. 42 MPG. As far as equipment, I have 2 diesel tractors and a diesel skid-steer. I wouldn't want to be clearing my 800 ft driveway with deep snow with a battery tractor. I'd never get done.

Toyota is killing it with it's hybrids. The RAV4 Hybrid is definitely on our short list

 

[pwhite42]

My wife has been driving it for almost a year now with no problem. It's the regular hybrid, not the much more expensive plug in version.

 

[arrow]

Toyota is killing it with it's hybrids. The RAV4 Hybrid is definitely on our short list

Mazda uses the Toyota hybrid engineering in their cx 70 and 90.

 

[5030]

Construction equipment being used inside buildings has a battery powered use case. I’m not convinced with outdoor uses, and any tractor uses.

Not referring to construction equipment at all. I'm referring to the JD utility AG TRACTOR.

 

[5030]

No doubt about it.

The electric vehicle was invented over 140 years ago. Motor and battery tech have come a hell of a long way, but its still not good enough for some of our uses.

And thats with the .gov throwing billions of dollars at the ideas.

Always remember, the government produces no tangible product, is the largest employer in the country and exists solely on your tax dollars which they spend with no regard for the very people that finance them and pay their salaries.

 

[hgl1tbn]

Lotsa' good posts here. Hope mine is as good.
Wished the Gummit would just stay out of the 'lectric stuff.
We did not need them to get involved with cordless tools. They found a market all on their own. No tax paid rebates. No tax breaks. No free charging. And are doing very well for the most part. I don't think I know anyone who doesn't own at least one cordless tool.
There are places for I.C.E. and uncorded.
IF someone can use a cordless tractor then so be it.
If I could afford both tractors then maybe a cordless one too. But if just one, then me and my old diesel will be it.
I don't wanna see any business go down the tube and I hope they survive.
Let the free market decide.

 

[5030]

My comment about hybrids is, I'd by a Ford Escape Hybrid. Buddy just bought a Ford 150 hybrid and he likes it alot. Just not paying the stupid price for one today anyway.