The information was first reported by Germany’s Neue Osnabruecker Zeitung, which claims that Karmann will use the funds to form a restructured company with 1,600 employees.
Neither Karmann nor VW has confirmed the reports but given Karmann’s recent work with German utility Oldenburg Energy Group (EWE) as well as Volkswagen’s own TwinDrive vehicle concepts, there’s a strong chance the two companies may join forces.
Furthermore, before going under, Karmann showed off an electric vehicle concept called the E3, which had a claimed range of 90 miles and a top speed of 85mph, and before that it was contracted to build the DuraCar electric van for a company in Europe.