Munich-based electric scooter manufacturer Govecs has filed for insolvency, raising uncertainty over the future of its flagship E-Schwalbe model, according to filings at the Munich District Court. The court has opened preliminary insolvency proceedings under reference number 1542 IN 4079/25 and appointed restructuring lawyer Michael Jaffé as preliminary insolvency administrator.
Jaffé, best known for his role in the Wirecard insolvency case, will assume control over Govecs’ financial management to safeguard remaining assets and assess whether the business can continue operating, be partially sold, or face full liquidation. As part of the process, Govecs’ management, led by Chief Executive Thomas Grübel, now has restricted access to company funds, with all expenditures subject to approval by the administrator.
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Govecs has produced the E-Schwalbe electric scooter since 2017, a modern electric reinterpretation of the iconic East German two-wheeler. The company offers multiple variants with different battery sizes, performance levels, and top speeds, with production handled by a subsidiary in Poland. The scooter has been positioned as a premium urban mobility product in the European market.
Financial disclosures suggest the company had been under strain for several years. According to a 2022 annual report published in November 2025 and cited by German business magazine WirtschaftsWoche, Govecs sold 2,250 e-scooters that year, generating revenue of €7.6 million but recording a loss of €12.5 million.
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The company was hit by the effects of the coronavirus pandemic and supply chain disruptions, which forced temporary withdrawals of some models from the market. Although Govecs had forecast a recovery with projected 2025 revenue of €21 million and sharply reduced losses, auditors from PwC expressed “significant doubts about the company’s ability to continue as a going concern” in the same report.
It remains unclear how Govecs’ financial performance evolved after 2022, but the insolvency filing indicates that the company’s recovery expectations were not realised. For now, the outlook for continued production of the E-Schwalbe and the future of the brand remain unresolved.
Source: Electrive