Autonomous Shuttle: French company Navya declares bankruptcy

The future of Navya now depends on the decision of the Lyon commercial court.

Navya, which presents itself as the “French leader specialized in providing autonomous mobility systems and related services”, is facing serious financial difficulties. The company has had to declare bankruptcy with the Lyon commercial court. Consequently, a judicial recovery process is underway.

“The objective of this judicial recovery procedure is to evaluate all solutions to sustain the activity, maintain jobs, and seek investors within a recovery plan, either through continuation or a sale plan,” explains Navya in its statement. The company employs 280 people in Paris and Lyon, as well as in the United States and Singapore.

Navya withdraws from the stock exchange

“The Lyon commercial court will rule on this request to open a judicial recovery procedure during a hearing scheduled for January 31, 2023. If the court approves the company’s request, operations will continue during the observation period,” reads the announcement. In the meantime, the company is no longer listed on the stock exchange, and it is uncertain whether it will be again someday. Navya’s stock had lost 92% of its value in six months. It was worth €0.03 on Tuesday, January 24.

The impact of this situation on ongoing projects has not been discussed. Navya was notably working on the development of a Level 4 autonomous shuttle with Bluebus (Bolloré group). Initial tests were completely satisfactory, and the vehicle was scheduled to be deployed at client sites in the fourth quarter of 2023.

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