Five years ago Zenos Cars was founded in the U.K. by two former Lotus and Caterham engineers. The dream was to build the ultimate, lightweight sports car for the road. Today, citing a number of financial issues, the company has gone into administration.
According to Autocar, the Norfolk, U.K.-based firm has seen a recent downturn in sales as well as a number of cancelled export orders that heave led to the financial woes. Irvin Cohen and Gary Shankland of the consultancy firm Begbies Traynor have been appointed as administrators.
Zenos CEO Mark Edwards said in a statement, "It is with great disappointment that the board has had to take this step. We still believe that our products offer unrivaled affordable fun and we have already made very good progress in developing the next product in our strategy."
Already, the company offers three variations of its E10 sports car, which was first introduced in 2013. The base E10 uses a naturally-aspirated four-cylinder engine to produce 200 horsepower (149 kilowatts) and 154 pound-feet (210 Newton-meters) of torque, while the higher-trim E10 S uses a turbocharged EcoBoost engine to produce 250 horsepower (186 kilowatts). The top-of-the-line E10 R, meanwhile, uses a turbocharged EcoBoost engine that pumps out a whopping 350 horsepower (260 kilowatts).
The base E10 starts at just £26,995 in the U.K., while the more powerful E10 S starts at £32,995. The E10 R tops out the range at £39,995. The company has built more than 100 cars since its inception in 2012, and had planned to introduce two new models in the next few years – an E11, with a targa-style top, and an E12 coupe. It remains to be seen whether either of these cars will ever be produced.