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The Failure and Bankruptcy of Better Place

The failure of an Israeli electric car company was a sign of lack of interest in the consumer base. The bankruptcy of Better Place comes at a time when demand for such electric cars is at a premium in India and China.

May 27 2013, 4:32am CDT | by

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The Failure and Bankruptcy of Better Place

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The Failure and Bankruptcy of Better Place

The Failure and Bankruptcy of Better Place

The Israeli company by the name of Better Place manufactured electric cars and had a stock of over 100,000 such vehicles. However, only 2500 were sold and the consumers seemed to show apathy regarding buying the goods. According to The Wall Street Journal, this was a shock and a surprise for Better Place which due to this huge financial loss is currently filing for bankruptcy. All those cars still have a market in Third World countries such as India and China but such plans have been put off for now.

Shai Agassi, the founder of Better Start, tried his best to introduce the world to electric energy-powered smart transportation instead of the gas-guzzling muscle cars that people normally drove. It was a scheme that failed so badly that he has resigned from being head of the company. It appears to be the case that habits cannot be changed. Though you throw Mother Nature out with a pitchfork she will find a way in through the back door.  When the customer is not willing to change what can you do? It is best to pack your cards and leave the table.

It must be admitted that Better Place did try its utmost to do the best job in matters of electric car usage. The only difference is the best was not good enough. There is a law in physics regarding this called inertia. Most of the people in this world are stuck in routines and ruts that they seldom like to come out. Nobody likes to get out of his or her comfort zone. And so it was to be like that. Electric cars were quite expensive. Better Place tried to solve this problem by keeping the batteries instead of fitting the cars with them.

Thus the cars sold for the same price as gasoline-fueled ones. The only difference was that they had to be replenished at robotic stations time after time by exchanging old batteries for new ones. But within 365 days of ensuing operations Better Place had tanked. It just goes to prove that you can’t change traditions in a matter of minutes. It is a long slow process of evolution. Even after the cars, stations, batteries and miscellaneous facilities were in place, the clientele never showed up. Profits were measly. For now the whole venture is over since it never got off the ground. Better Place has thrown in the towel and won’t be figuring on the stock market indices anymore.

Image Credit: Reuters


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