German Coachbuilder Wiesmann Files for Insolvency

German Coachbuilder Wiesmann Files for Insolvency
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German automaker Wiesmann has filed for insolvency and is currently seeking strategic partners and investors.

Wiesmann, which specializes in manufacturing retro-styled sports cars, is a niche automaker that has been struggling as a result of declining sales with Europe’s automotive industry. Current CEO Rolf Haferkamp will remain in his position and will lead the efforts to restructure Wiesmann. Operations will continue at the German automaker’s headquarters in Germany.

The company currently has 110 employees and has a maximum annual sales of about 200 units in Europe, the Middle East, and Asia. According to the automaker, it filed for insolvency on August 14 at the Muenster court in Germany.

[Source: Automotive News Europe]