Spanish electric vehicle companies face financial challenges

Scoobic Group, a manufacturer of electric vehicles for urban logistics, has filed for voluntary insolvency in Seville, Spain. The company, founded by José María Gómez, had previously aimed for a Nasdaq listing with a valuation of 1 billion euros. Its financial difficulties were exacerbated by an inability to service an ICO credit used to fund a 20 million euro factory in Utrera, as well as sales falling below projections.

The company is now seeking a buyer for its production unit, which includes a 12,565 square meter factory, a fleet of 700 vehicles, and a client portfolio including Amazon, Heineken, and Correos. Interested parties have until November 20 to submit offers to preserve industrial activity and jobs.

Separately, Wallbox, a manufacturer of electric vehicle charging points, reported increased losses of 65.3 million euros for the first nine months of 2026. This represents a 17.9% increase in losses compared to the same period in the previous year. The company attributed the decline to supply chain issues that have delayed order deliveries and reduced revenue, which fell 30.2% to 77.8 million euros. Despite these challenges, Wallbox noted a reduction in net losses during the third quarter due to lower operating expenses.