The future of the British brand Zapp looked promising as its top team gathered around one of its electric mopeds and stared up at a billboard bearing its logo close to Times Square, New York, in May. They threw their arms aloft as they marked the six-year-old company’s listing on the Nasdaq stock exchange, in a deal valuing it at $573m (£467m). Another billboard declared: “Simply Electric. No compromise.” On social media, Zapp wrote: “All excited and ready for the next chapter! Live life unplugged.”
Six months on, the stock has hit the skids, and now has a market cap of $12.5m, according to the Nasdaq, and Zapp looks increasingly like it will join a host of British vehicle companies which have seen their US listing turn into an investors’ short stay car park.
