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The electric motorbike company (Verge Motorcycles) owned by the same people also has such bad accounting/paperwork that they could not find an auditor willing t

by doikor 8mo ago

The electric motorbike company (Verge Motorcycles) owned by the same people also has such bad accounting/paperwork that they could not find an auditor willing to give an opinion. https://yle.fi/a/74-20205916 https://yle.fi/a/74-20205916 (article in Finnish) "According to the auditor's report, no opinion was given on the company's financial statements because sufficient audit evidence was not available." The company claims to have a couple million in inventory but no system saying anything about what is in their inventory, 300k in revenue in Finland without any papertrail of it actually happening, 2.5 million in R&D without any explanation/papertrail on what it was spent on (salaries? materials? machines?), etc. Also the company has taken really expensive loans from family members of the leadership (12% interest which is way over the market rate).

idontwantthis 8mo ago
But the motorcycles do exist and use these batteries don’t they? Has no one bought one and torn it open yet?
- Hamuko 8mo ago
  As far as I can tell, no solid-state TS Pro (the TS Pro itself is not an entirely new model and has been around for a couple of years) has been delivered to any customers yet. They're supposed to be delivered in Q1/26, so it shouldn't be too long if they intend to keep their promises. Although if you were to order one today, your bike wouldn't arrive until Q4/26 according to their website.
  - idontwantthis 8mo ago
    That will be the only thing to actually watch then. If they keep pushing that out then we will know it's a scam.
- stetrain 8mo ago
  They said "Available Today" on January 4th but have said actually customer deliveries are planned for April. > “The first customer deliveries will probably take place in April. There are production-related issues, getting subcontractors involved. Starting production. A lot depends on the goods and officials.” Translated from: https://web.archive.org/web/20260204130446/https://www.kauppalehti.fi/uutiset/a/5460f06d-27b5-4c8e-bb7f-8fc03f5294f5 https://web.archive.org/web/20260204130446/https://www.kaupp...

by doikor 8mo ago

idontwantthis 8mo ago

But the motorcycles do exist and use these batteries don’t they? Has no one bought one and torn it open yet?

Hamuko 8mo ago
As far as I can tell, no solid-state TS Pro (the TS Pro itself is not an entirely new model and has been around for a couple of years) has been delivered to any customers yet. They're supposed to be delivered in Q1/26, so it shouldn't be too long if they intend to keep their promises. Although if you were to order one today, your bike wouldn't arrive until Q4/26 according to their website.
- idontwantthis 8mo ago
  That will be the only thing to actually watch then. If they keep pushing that out then we will know it's a scam.
stetrain 8mo ago
They said "Available Today" on January 4th but have said actually customer deliveries are planned for April. > “The first customer deliveries will probably take place in April. There are production-related issues, getting subcontractors involved. Starting production. A lot depends on the goods and officials.” Translated from: https://web.archive.org/web/20260204130446/https://www.kauppalehti.fi/uutiset/a/5460f06d-27b5-4c8e-bb7f-8fc03f5294f5 https://web.archive.org/web/20260204130446/https://www.kaupp...