- 8 October 2021
- Transport / Logistics Services
Deutsche Post is reported to have agreed to sell its electric delivery vehicle subsidiary StreetScooter to a new German company called Odin Automotive.
Neither Deutsche Post, StreetScooter or Odin Automotive have commented publicly on the deal as the German competition authorities have yet to approve the deal and it is believed the details such as final price have not been agreed as yet.
Deutsche Post bought StreetScooter in 2014 thanks to a lack of electric delivery vehicles on the market at the time. The move has not been a success, with numerous technical problems with the vehicles it has sold, and those it has sold often making major losses.
The postal operator has been trying to divest the automotive business for some time to no success. There has been expressions of interest from Chinese buyers with some deals failing just before completion. The failures led to plans to end production in 2020 though this has been extended to 2022, and now the sale could extend that even further.
Odin Automotive was only set up this year with CEO and main shareholder Stefan Krause, a former BMW executive, at the helm.