DeLorean Motors Reimagined Shuts Down Headquarters in San Antonio

DeLorean Motors Reimagined Shutters Headquarters in San Antonio

It’s a sad day for automotive history in San Antonio, as DeLorean Motors Reimagined, the promising startup aiming to revitalize the iconic ’80s sports car as an electric vehicle (EV), has shut down its headquarters operation. On a recent visit, the headquarters located at Port San Antonio seemed abandoned with the company’s signage having been removed. The phone numbers provided on DeLorean’s official website have also been disconnected.

A Roller Coaster Journey

With dreams of bringing back the famous car from the Back to the Future film franchise, the EV start-up made headlines globally when it announced its relocation plans to San Antonio in 2022. As part of their commitment, DeLorean Motors Reimagined promised to create hundreds of high-paying jobs and was rewarded promises of relocation benefits from city and county officials, contingent upon fulfilling these employment goals.

Despite raising at least $3 million in customer deposits, the company appears to have fallen short of its hiring goals and has yet to produce any electric cars from its proposed assembly line. Adding more fuel to the fire, operators of non-fungible tokens (NFTs), sold as deposits by the company for its proposed Alpha 5 EV car, have reported that they are no longer accessible via DeLorean’s website. This has raised concerns about the company’s operational status and the fate of the funding acquired.

The Aftermath

With the company appearing to be on a downward spiral, questions abound on whether DeLorean Motors Reimagined is on the verge of bankruptcy. So far, there has been no filing documentation with the San Antonio-based U.S. Bankruptcy Court for the Western District of Texas.

There has been no comment from Port San Antonio officials on the company’s lease status or an exact date when the termination occurred. DeLorean Chief Brand Officer Cameron Wynne, Chief Financial Officer Dean G. Hull, and Chief Technology Officer Ben Marquart have not been available for any comments or responses.

Customers Demand Action

As uncertainty prevails, depositors express increasing concerns about their investments. Some, like Alpha 5 depositor Thomas Vincent, are urging Bexar County District Attorney Joe Gonzales to launch an investigation into the car startup’s finances. Yet, amidst these troubled times, it appears that some investors had already anticipated such outcomes due to the company’s recent debacles and lack of communication.

The closure of DeLorean’s Port San Antonio offices follows several months after a company-wide email announced significant changes in leadership, including the resignation of their initial CEO, Joost De Vries. However, with the lack of substantial initiatives and updates being implemented since then, there’s no denying the company’s journey back from this setback will be a challenging one.