End trip for BluSmart? Behind the EV ride-hailing company’s deepening crisis

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The recent debt repayment crisis that has hit solar engineering, procurement and construction (EPC) firm Gensol Engineering — prompting it to divest around 3,000 electric vehicles as well as pare its ties with BluSmart, the ride-hailing firm’s operations are coming under pressure, said people familiar with the development. Gensol leased out these EVs to BluSmart.

To begin with, BluSmart’s business is suffering with the daily rides on its platform falling to less than half the 25,000-30,000 it was clocking at its peak last year, they said.

“Without…



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End trip for BluSmart? Behind the EV ride-hailing company’s deepening crisis


The recent debt repayment crisis that has hit solar engineering, procurement and construction (EPC) firm Gensol Engineering — prompting it to divest around 3,000 electric vehicles as well as pare its ties with BluSmart, the ride-hailing firm’s operations are coming under pressure, said people familiar with the development. Gensol leased out these EVs to BluSmart.

To begin with, BluSmart’s business is suffering with the daily rides on its platform falling to less than half the 25,000-30,000 it was clocking at its peak last year, they said.

“Without…



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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