Ebusco is ushering in its 3.0 buses, crafted by collaborative partners, as they make their journey to Europe. Simultaneously, in response to a strategic shift in assembly, the company communicates through a press release that its Founder and CEO, Peter Bijvelds, has proposed the creation of a co-CEO role to enhance efficiency and distribute responsibilities within the organization.
The Supervisory Board promptly designates Frank Meurs to assume the newly established co-CEO position on an interim basis while actively pursuing a permanent solution. The transit of Ebusco’s 3.0 buses, assembled by external partners, is on schedule, with an anticipated arrival in February.
With the inception of the co-CEO role, Peter Bijvelds aims to concentrate fully on corporate strategy, as well as product and commercial development. The synergy between Peter and Frank is expected to fortify Ebusco’s strong standing in the zero-emission public transport market cultivated over the past decade.
Ebusco has initiated cost-cutting measures this year, aligning with strategies devised in the previous year to trim indirect costs and harmonize the direct cost structure with the adjusted assembly approach. These measures are projected to significantly reduce total operational expenditures for 2024 compared to 2023.
The company anticipates an impact on its 2023 revenue due to two factors. Firstly, there’s a logistical impact on bus production, where completed buses at assembly partners couldn’t be recognized in revenue timely. Secondly, a delay in Energy Containers certification has shifted deliveries to 2024.
Ebusco asserts that these circumstances won’t affect the production plan for 2024, ensuring no repercussions on client delivery plans and associated cash collections. Unrecognized revenue from 2023 will be rolled over into the 2024 outlook.
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