Car manufacturing startup Tomcar Australia has entered voluntary administration, citing high manufacturing costs and hostile investors as the reason for shutting its doors.
Launched in 2005, the company was founded by brothers David and Michael Brim, who spent seven years in development before releasing their 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
Since then the company had seemingly been going from strength to strength, with Fairfax reporting in June last year business was on the up and working on a $100,000 feasibility study with the CSIRO to turn its cars electric. The CSIRO also invested $50,000 in the startup in …
Read the full article at: https://www.smartcompany.com.au/startupsmart/news-analysis/car-manufacturing-startup-tomcar-australia-voluntary-administration/
