The worst fears of automotive experts were confirmed after administrators said the technical know-how of electric van pioneer Modec would be leaving the country.
Coventry-based Modec’s collapse prompted calls for a British buyer to come forward in a bid to retain the firm’s electric vehicle technology assets for the UK.
Prime Minister David Cameron, who officially opened the factory in 2007, labelled the firm a “pathfinder” during a visit to the city last month and expressed a wish for a buyer to come forward.
But hopes were dashed after administrators Zolfo Cooper said it was not able to sell the firm as a going concern.
The remaining assets have been sold to Navistar, Modec’s US joint venture partner.
Rachel Eade, who supports the automotive supply sector in the region at MAS-WM Auto, was among those who had hoped for a UK buyer to come forward.
She said that in the long term, Modec’s collapse could have wider repercussions across the UK electric vehicle market.
“We said when the news broke about the administration that we would want to retain the best parts of the business in the UK, but sadly this has not happened,” she said.
