Tomcar Australia, subject of a round of 2017 articles that labeled it as “Australia’s last automotive manufacturer”, has gone into voluntary administration.
Citing hostile investors and increasing costs of business, admistrators confirmed the turnover for Tomcar in the 2016-17 financial year was $4.65 million, despite previous reports that the companys turnover was just under $10 million.
The Melbourne-based business was founded in 2005, had five employees, and spent seven years in development before releasing its first product in 2012. The company made 100 of its premium off road, all-terrain cars in its first run, which sold out almost immediately after first launch.
The business has now stopped trading and the first…
Read the full article at: https://www.industryupdate.com.au/article/australias-last-car-manufacturer-enters-administration
