The purge continues at Hopium
This page is translated from the original post "La purge se poursuit chez Hopium" in French.
- 21/09/2023 12:22
The French manufacturer Hopium, specialized in high-end hydrogen cars, is struggling to recover from the turmoil that has entangled it since 2022.
Placed under judicial recovery by a ruling dated July 19 for an initial period of 6 months (until January 19, 2024), the company, which was expected to be a star in Hydrogen mobility, is parting ways with two of its executives. Philippe Baudillon and Olivier Lombard, the group’s leading shareholder, have decided, in conjunction with senior management, to resign from their roles as Deputy CEO and Deputy General Director respectively. Founder of the brand, Olivier Lombard also stepped down from his position as Director.
Stunning losses in 2022
Last March, the French company had already parted ways with its President, former Minister Delegate for Transport, Jean-Baptiste Djebbari. In 2022, the manufacturer’s losses amounted to 22.9 million euros, compared to 8 million euros in 2021. The reason cited was the hiring of a large number of employees, totaling 116.
In May 2022, the company announced that it would seek to raise funds to continue developing its fuel cell research. The first hydrogen vehicle from the brand, the Machina, is expected to be released in 2025, but the project has been delayed due to funding issues.
What future for Hopium?
Since its lavish debut at the 2022 Paris Motor Show, the hydrogen sedan Hopium Machina received an order for 10,000 units from Crédit Agricole. However, the real challenge is to be able to produce them. Funding is lagging, and although the departure of the two executives is described by Hopium as part of “a tightening of teams and a simplification of governance around the new operational priorities of the group,” this is not a reassuring sign.
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